Winding-up plea admitted against respondent-co. as it failed to repay amount covered by dishonoured

CL : Where in terms of agreement, petitioner bank credited account of respondent company immediately by amount of cheques issued by third party after charging an agreed price, in view of fact that said cheques were subsequently dishonoured when being presented for encashment and respondent failed to make good sum covered by those cheques, a case for winding up was made out against respondent-company