1998 (9) TMI 468

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Full Text of the Document

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....ares pledged have been received by the petitioners and as such they are entitled to set off the said amount. Secondly, it is contended that after the statutory notice under section 434 of the Companies Act, 1956 was served there has been novation of contract inasmuch as a fresh arrangement was entered into and as such the notice earlier given cannot be the basis for the present winding up petition....