was received, which is at Annexure B page 22 of the petition paper book. After raising various pleas with regard to the alleged breach of the petitioner, ultimately it is stated in the reply that a sum of Rs. 1,87,889/- was already paid and all that remained to be paid is Rs. 1,37,111/- out of Rs.3,25,000/-. However, even that amount has not been paid. This stand of the company was refuted by the petitioner by pointing out that no part of the Advance amount has ever been refunded and the assertion is false. From the record, therefore, atleast indebtedness to the extent indicated in the order passed admitting the petition is admitted. There was enough opportunity for the company to respond during the pendency of this petition. If the stand taken was indeed bonafide nothing prevented the company from depositing the amount which it found to be due and payable as per its accounts and records. But, even that course has not been adopted. The presumption, therefore, can be drawn that the stand taken is not bonafide. The petitioner has pointed out that respondent is a private limited company. It has become financially insolvent and is unable to meet the demands of persons like petitioner. It is virtually defunct.
