2002 (11) TMI 671

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....ve perused the record of the case. In my opinion, this is not a fit case for admission of company petition filed under section 433(e) of the Companies Act. 2. It is the case of the petitioner that they had given a loan in the form of deposit to the respondent company amounting to Rs. 2,50,000. It is complained that respondent failed to repay, and when actually repaid, by cheques to the petition....

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....ke into account all facts, circumstances and the conduct of the parties, and in particular, that of respondent company in liquidating their debt of petitioner. It is not a civil proceeding where one can convert the same like a civil suit for recovery of (some) amount. In other words, in these proceedings, this court has not to decide the quantum of debt or its extent or its genuineness. Being a Co....

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....n if a case to that effect on facts is made out, it being a settled principle of law relating to winding up that winding up is in the nature of death of a company, and puts an end to all its activity for all time to come in future; the court is under legal obligation to see that no running company be pushed into a winding up for one or two defaults. In other words, the efforts must be to save the ....