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of The HC dismissed the appellant's appeal challenging the winding-up order of the company. The appellant failed to dispute the debt liability until after the statutory winding-up notice, despite admitting a substantial sum via a demand promissory note. The court found the appellant's objections were not bona fide but attempts to frustrate the winding-up process. The acquittal in related criminal proceedings under section 139 of the NI Act was held irrelevant to the civil adjudication, as criminal proof requires proof beyond reasonable doubt, unlike the preponderance of probabilities standard in civil cases. Consequently, the appellant's reliance on the criminal acquittal to establish a bona fide dispute was rejected. The interim stay granted was vacated, confirming the company's inability to pay its debts and validating the winding-up petition.
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