2003 (5) TMI 363

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....titioner. 2. This company petition is filed under sections 433, 434 and 439 of the Companies Act, 1956 (for short, 'the Act, 1956'). 3. It is submitted that the respondent had purchased cotton bales on various dates and admittedly a sum of Rs. 19,48,911.43 is due to payable as on 28-2-2003 to the petitioner. It is the grievance that the respondent company without any good or valid reason, is....

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....taken any action against the respondent company under section 138 of the Negotiable Instruments Act. In the facts of this case, I am satisfied that this petition is nothing but appears to have been filed to put a pressure on the respondent company to pay the amount. Winding-up proceedings are not available for the recoveries of the payment of the bills. From 21-10-2000 the respondent company is no....