https://www.taxtmi.com/caselaws?id=101583 The court dismissed the petition for winding up filed by the petitioner due to default in payment by the respondent company. The court held that the excess amount beyond what was already paid by the respondent was considered a penalty under section 74 of the Contract Act and was not recoverable. The judge emphasized that court intervention was permissible in cases involving penalty clauses in compromise decrees. As the respondent had paid the agreed sum during the proceedings, the petition was dismissed, with costs awarded against the respondent. en-us Thu, 23 Oct 1986 00:00:00 +0530 Fri, 10 Feb 2012 12:53:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101583 The court dismissed the petition for winding up filed by the petitioner due to default in payment by the respondent company. The court held that the excess amount beyond what was already paid by the respondent was considered a penalty under section 74 of the Contract Act and was not recoverable. The judge emphasized that court intervention was permissible in cases involving penalty clauses in compromise decrees. As the respondent had paid the agreed sum during the proceedings, the petition was dismissed, with costs awarded against the respondent. Case-Laws Companies Law Thu, 23 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101583