2004 (9) TMI 392

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....1956 (for short, the Act), praying for passing a winding up order in respect of the respondent company on the premise that the company is unable to pay its admitted debts, which, according to the petitioner, includes arrears of salary to the tune of Rs. 85,613, a sum of Rs. 75,000 payable in lieu of three months notice period, and interest on those amounts. 2. Notice was issued to the responden....

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....ought to be raised on behalf of the respondent company, it cannot be said that the disputes are really such bona fide serious dispute that renders the petition liable for dismissal. One main contention urged by the learned counsel for the respondent company is that the petition itself is not maintainable, as the arrears of salary payable to the employee does not amount to a 'debt' within the meani....

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..... In this regard, Sri Nagananda, learned Senior Counsel appearing for the petitioner, has drawn the attention of this court to the provisions of section 529A of the Act, wherein it is categorically indicated that dues to the workman like wages and salary etc., which are not settled becomes debt due to the workman by the company and in fact such amounts are treated on par with other debts due to th....