During the companyrse of the proceedings in this matter, Petitioner No.1 filed separate companypany petition for winding up against another sister companycern, Bagri Synthetics Ltd. However, a suit was ordered to be filed and a sum of Rs.5,74,662/ was directed to be deposited.
Thereafter, the suit was decreed by a judgment which was upheld by the appellate companyrt and, therefore, it was held that if a debt remained owing to Petitioner No.1 from the companypany it would be unreasonable for the Petitioner No.1 to ask for a just and equitable winding up of the companypany on the other hand filing a suit would be proper as it had done in the other case and, therefore, did number enter into further details of the facts of the case in that part of matter.
On this basis the second companytention was also rejected.
