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Issues:
Winding up petition under sections 433(e), 434(1)(a) and section 439 of the Companies Act, 1956. Analysis: The petitioner filed a winding-up petition against the respondent company, Subash Oil Mills (P.) Ltd., based on its indebtedness and failure to pay debts despite statutory notice. The respondent acknowledged the debt but cited financial constraints for non-payment, stating the factory was closed, leading to an inability to pay immediately. The court, after prima facie satisfaction of the case, directed the respondent to deposit the claimed amount with interest in two installments within two months to stay advertisement publication. Despite extensions, the respondent failed to comply, leading to the advertisement of the petition under rule 24. The respondent did not dispute the liability or propose any rehabilitation scheme, indicating an inability to pay its debts, resulting in the court's decision to allow the petition for winding up. The court, after considering the arguments, allowed the petition and ordered the winding up of Subash Oil Mills (P.) Ltd. The Official Liquidator of the High Court was appointed to take necessary steps in accordance with the rules. The petitioner was directed to take further steps as per rule 113 within one month from the date of the judgment.
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