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Issues Involved: Winding-up petition u/s inability to pay debt.
Judgment Summary: Issue 1: Winding-up petition due to inability to pay debt The petitions were pending during B.I.F.R. proceedings which were dismissed, leading the matters to proceed before the High Court. The reliefs claimed in the petitions were for winding-up of the respondent company due to its inability to pay debts. The claims were substantiated by the petitioners with uncontroverted evidence, showing the respondent's failure to pay outstanding dues. The Court found that the respondent company had neglected to pay debts and was unable to do so. Consequently, the respondent company was ordered to be wound-up immediately, with the Official Liquidator taking over its assets and properties as per the Companies Act. Issue 2: Unpaid debts for goods sold and credit facility The petitions involved outstanding amounts for goods sold and credit facilities provided to the respondent company. Despite statutory notices, the respondent failed to pay the outstanding dues, leading to the conclusion that the respondent was unable to pay its debts. The Court granted the reliefs claimed in the petitions, ordering the winding-up of the respondent company and the takeover of its assets by the Official Liquidator. Issue 3: Lack of defense and conclusion The respondent company did not raise any defense in the first two petitions, further supporting the finding that it had failed to pay outstanding dues and was unable to pay its debts. Based on this, the Court concluded that the reliefs claimed in the petitions should be granted. Consequently, all four petitions were disposed of with the order for the winding-up of the respondent company and the necessary actions to be taken by the Official Liquidator as per the Companies Act.
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