2007 (6) TMI 281

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....elated to the entries made in the petitioner's books of account prior to three years. Both the findings, are challenged in this appeal by the petitioner/appellant. 2. It is pointed out by the learned Company Judge in para 10 of his judgment that E.A-61 was the running account, but it was for different periods. It gave the periods as 23-4-2001 to 30-4-2001, 28-5-2001 to 31-5-2001, 27-6-2001 to 6-7-2001, 27-7-2001 to 31-7-2001, 27-8-2001 to 31-8-2001, 18-9-2001 to 30-9-2001, 22-10-2001 to 31-10-2001, 22-11-2001 to 30-11-2001, 21-12-2001 to 31-12-2001, 23-1-2002 to 31-1-2002, 1-2-2002 to 28-2-2002 and 2-3-2002 to 23-3-2002. The learned counsel for the petitioner/appellant submits that it was a running account and the last transaction was be....

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....e remarked that where there was no doubt that a company owes the creditor a debt entitling him to a winding up order, but the exact amount of the debt is disputed, the Court will make a winding up order without requiring the creditor to quantify the debt precisely. The Supreme Court said : "Two rules are well-settled. First if the debt is bona fide disputed and the defence is a substantial one, the Court will not wind up the company. The court has dismissed a petition for winding up where the creditor claimed a sum for goods sold to the company and the company contended that no price had been agreed upon and the sum demanded by the creditor was unreasonable (See London and Paris Banking Corporation [1874] 19 Eq. 444). Again, a petition f....