https://www.taxtmi.com/caselaws?id=337978 The court dismissed the Company Petition, ruling in favor of the respondent. The court found the respondent's defense to be bona fide and substantial, rendering the petition inappropriate for a winding-up order. The respondent's liability under the Trade Finance Facility Agreement was not established, and the court determined that the petitioner could not take recourse due to the insolvency of the Approved Debtor as per the GARMA clause. The parties were directed to bear their own costs, emphasizing that the substantive issues should be resolved in the pending suit rather than through the winding-up petition. en-us Tue, 04 Oct 2016 00:00:00 +0530 Mon, 23 Jan 2017 08:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337978 The court dismissed the Company Petition, ruling in favor of the respondent. The court found the respondent's defense to be bona fide and substantial, rendering the petition inappropriate for a winding-up order. The respondent's liability under the Trade Finance Facility Agreement was not established, and the court determined that the petitioner could not take recourse due to the insolvency of the Approved Debtor as per the GARMA clause. The parties were directed to bear their own costs, emphasizing that the substantive issues should be resolved in the pending suit rather than through the winding-up petition. Case-Laws Companies Law Tue, 04 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337978