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Company petition seeking winding up under sections 433(e) and (f) of the Companies Act due to unpaid debt. Analysis: The petitioner filed a Company Petition seeking winding up of the respondent-company, G.M. Mittal Stainless Steels Ltd., under sections 433(e) and (f) of the Companies Act, alleging the respondent's inability to pay a debt of Rs. 16,17,790 despite repeated demands. The petition was supported by necessary facts and documents establishing the debt. The respondent filed a reply, but there was no indication of disputing or denying the debt. After hearing both parties and examining the case record, the court found that the petitioner had made a case for winding up under section 433(e) of the Act. The court noted that prior to the advertisement of the petition, three other creditors had also filed petitions for winding up the respondent company based on similar grounds of non-payment of debts. The respondent did not dispute these debts on substantial grounds, and the total outstanding amount was significant. Additionally, it was acknowledged that the respondent company had ceased its business activities, with no indication of revival or a viable repayment proposal. The court observed that in the absence of business operations, substantial outstanding dues, and no proposal for repayment, a prima facie case for winding up was established. The court concluded that the company's substratum had ceased to exist, liabilities exceeded assets, and there was no plan for future profitable business operations. Based on the evidence and arguments presented, the court found that the requirements of both section 433(e) and section 433(f) of the Companies Act were met. Consequently, the court directed the winding up of the respondent company in accordance with the provisions of the Company Act. The matter was scheduled for further proceedings to appoint an Official Liquidator under the Company Court Rules to take custody of the company's assets.
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