Supreme Court · 1994 INSC 60 · Decided 9 February 1994
The Pradeshiya Industrial & Investment Corporation of Uttar Pradesh v. North India Petro Chemical LTD. and ANR.
- Court
- Supreme Court of India
- Citation
- 1994 INSC 60 · [1994] 1 S.C.R. 815
- Case number
- CIVIL APPEAL No. 720/1994
- Decided
- 9 February 1994
- Bench
- M.N. VENKATACHALIAH, S. MOHAN (2-judge bench)
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 433, 434, 439
Headnote
INDUSTRIAL & INVESTMENT A CORPORATION OF UTTAR PRADESH v. NORTH INDIA PETRO CHEMICAL LTD. AND ANR. FEBRUARY 9, 1994 B (M.N. VENKATACHALIAH, CJ., ANDS. MOHAN, J.) Companies Act, 1956: Sections 433, 434 and 439--Petition for winding ,. j. up-When Company unable to pay its debts-Debt must be cancelled subsequently-Claim filed before Arbitrator a/so-Maintainability of winding up petition-Held: Defence raised was substantial-No creditor-debtor relationship-Financial position of Corporation sound-Hence winding up petition not maintainable. D The appellant corporation had a
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