2015 (3) TMI 414

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....e cost of the project was in a sum of Rs. 85,46,750.61 which on erection would amount to a sum of Rs. 1,12,94,769.15. The petitioner is stated to have carried out the work order after obtaining loan from the Bank of Maharashtra, Malad (W), Mumbai, whereunder a cash credit facility for the sum of Rs. 34,00,000/- was given. In respect of the amount due and payable by the respondent to the petitioner, on finalising the accounts, a meeting was held between the parties and the discussion held therein was recorded. The net amount due and payable by the respondent to the petitioner was arrived at Rs. 34,83,215/-. It is the said amount which in fact is claimed as due and payable from the respondent and since the said amount has not been paid, the p....

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.... herein. The said order has been granted by the DRT on 17.02.2012. 5. In that light, it is pointed out that though the said amount is due, they are not in a position to discharge the same to the petitioner and at the same time, the petitioner has also not taken steps to see that the said amount is paid to the Bank so that the respondents could be absolved of their liability. In that view, it is contended that the instant petition for winding up would not be maintainable. 6. In the light of the rival contentions, even though the learned counsel for the petitioner has relied on the decision in the cae Maruti Udyog Limited vs. Hindusthan Photo Film Manufacturing Co. Ltd. reported in 2001 Company Cases Volume 103 and in the case of Rydak ....