MR. S.C. JAMAKHANDIMATH Vs. M/S. JAINS AND ALLIANCE PALMS VENTURE PRIVATE LIMITED, FORMERLY, M/S. ALLIANCE PALMS DEVELOPERS AND CONSTRUCTIONS PRIVATE LIMITED REPRESENTED BY ITS DIRECTOR

JUDGEMENT

(1.) HEARD the learned Counsel for the petitioner and the learned Counsel for the respondent. It is the petitioner's case that he is the proprietor of one M/s. Impress Ad. Aids and Displays and that the respondent had approached the petitioner to advertise its products through the petitioner and orders were placed in respect of the same. The contract was for a period of three months in the year 2008. The respondent was required to pay rentals to the petitioner in terms of the agreement from time to time. There was part payment and the respondent is said to have failed to pay the rentals in terms of the agreement and became due in a sum of Rs. 1,02,33,998/ - as of September 2008. The respondent is said to have represented to the petitioner that it would be in a position to make payment of the outstanding amount provided it is invested under its project known as 'Alliance El Dorado Park', to purchase two villas, bearing Nos. 105 and 408 with a built -up area of 2612 square feet and 3210 square feet, respectively, situated at Siddihosakote village, Kasaba Hobli, Anekal Taluk.

(2.) GIVEN the above circumstances, the debt was not an admitted debt, but is a seriously disputed one in relation to the contract, which was the subject matter of a suit and which is now pending in appeal. Therefore, it cannot be proceeded on the basis that there is an admitted debt, which the respondent has failed to pay. Hence, the present petition for winding up of the company would not be tenable and is accordingly dismissed.