- (1.)This is an appeal against an order of the learned company Judge, admitting the above company petition filed by the respondent seeking the winding up of the appellant company, inter alia, on the ground that it is unable to pay its debts.
(2.)According to the respondent i.e. the petitioning creditor, the appellant is indebted to it in the sum of about Rs.7.00 crores. It is necessary to consider three Memoranda Of Understanding (MOU) entered into between the parties, although the claim in respect of the third MOU is also the subject matter of a summary suit being Summary Suit No.504 of 2013 filed by the respondent against the appellant.
(3.)Prior to 7th March, 2011, there were several transactions between the parties. In respect of these transactions, an amount of Rs.2.5 crores was admittedly due and payable by the appellant to the respondent. The MOUs entered into between the parties were, inter alia, with a view to enabling the appellant to repay the same.