TaxTMI 
TaxTMI 
2011 (2) TMI 1273
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....rh (Ajmer). Petitioner-Firm supplied iron goods from time to time to respondent-Co., and as per statements of accounts against good supplied, a sum of Rs. 8,35,208 (Rupees eight lakhs thirty five thousand two hundred eight only) was outstanding and recoverable as on 30-9-2008 against M/s. AVR Texfabs (P.) Ltd. (respondent-Co.) which is a private limited Co., incorporated in August, 2005, having capital of Rs. two crores twenty five lakhs divided into 22,50,000 equity shares and amount of paid up equity capital is of Rs. one crore eighty nine thousand only. Its Directors are both, husband and wife, and as alleged, time and again, requests were sent to respondent-Co., and its Directors to settle the accounts but both the Directors have only i....
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....of Baroda; and for balance, claim is shown to have been settled of Rs. 3,18,963. 4. It is curiously enough that no documentary evidence as to how claim of Rs. 3,18,963 was settled and no receipt in regard to alleged cash payment entry (supra) have been placed on record along with reply; despite the plea of defence taken by respondent-Co. being controverted & disputed by petitioner-Firm that neither cash payment was made nor any settlement has ever been arrived at between the parties. Total amount of Rs. 5,18,963 as on 24-6-2008 has been prima facie remained due as against respondent-Co., being payable to petitioner-Firm. 5. However, affidavit has been placed on record to show bona fide that in presence of Muzaffar Hussain (civil contracto....
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....three named persons had ever met and what transpired in between the parties to the alleged settlement and which appears to be an after thought; rather this gives an indication for arriving at the conclusion that there is no dispute regarding amount of outstanding dues as is evident from ledger account. 8. There cannot be a dispute that a winding up petition is maintainable if the Company fails to pay its debt and the relief as prayed for in the winding up petition can be refused if the debt is bona fidely disputed and the defence of the Co. is in good faith and its defence is likely to succeed in point of law while the Co. adduces prima facie proof of facts on which its defence depends. 9. From the material on record, respondent-company h....