2017 (1) TMI 685

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in Phase - I and Phase-II in the Electronic City of Bengaluru, has filed this Winding-up petition against the Respondent - Company for the alleged non-payment of the 'Professional Fees' of Rs. 1.80 Crores to them. 2. Despite service of the statutory legal notice under Section 434 of the Companies Act, 1956, vide Annexure J, dated 24/11/2014, claiming a sum of Rs. 99,08,205/- with 18% interest per annum, upon issuance of notice, the Respondent - Company has put in appearance and has filed the Statement of Objections before this Court on 28/07/2016. 3. The Respondent - Company has denied its liability to pay the aforesaid sum of Rs. 99,08,205 and has submitted before the Court that the said petitioner - Firm did not give the com....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Statement of Objections filed by them, there is no 'admitted liability' on the part of the Respondent - Company to pay the said claimed amount of Rs. 99,08,205/- and therefore, the present winding-up petition deserves to be dismissed. He also submitted that the Respondent - Company is a 'going-concern' and has regularly paid its taxes under the Income Tax Act, 1961, therefore, the Respondent - Company cannot be said to be commercially insolvent and the liability in question being a 'disputed liability', the Winding-up Petition is not maintainable and deserves to be dismissed. 6. Having heard the learned counsel for the parties and on perusal of the material placed on record, this Court is satisfied that there ....