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The Companies Act does not bar a creditor from filing for winding up for non-payment of his dues merely because the same matter is pending before the Debt Recovery Tribunal said the Madras High Court in Hongkong & Shanghai Banking Corporation Limited, Chennai v. Agnite Education Limited, Chennai .
The Respondent had secured from the petitioner a bank guarantee which was duly assigned to ICICI Bank, Canada.
On invocation of the bank guarantee in Canada, the petitioner had to pay Rs 45.80 crore to ICICI Bank Canada.
Notwithstanding the pending recovery proceedings at the Debt Recovery Tribunal, the petitioner in its wisdom chose to file a winding-up petition under Section 433(e) of the Companies Act.
The High Court had no hesitation in ordering winding up of the company and appointment of the provisional liquidator.
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