Exposure Insurance Services Limited vs Larsen & Toubro Limited

The Supreme Court upheld the Bombay High Court's dismissal of a winding-up petition under the Companies Act, affirming that the petitioner, claiming to be a Holder in Due Course of two Bills of Exchange, faced a genuine dispute regarding the claim. The Court noted that the Bills were not presented for payment for two years post-maturity, and the respondent's defense involved Credit Notes indicating returned goods, necessitating resolution in a properly constituted suit rather than through winding-up proceedings. The Special Leave Petition was dismissed, allowing the petitioner to seek remedies in other forums as per law.