2016 (12) TMI 1606 - HC - Companies Law

Winding up - Inability to pay the admitted dues - attachment orders - Held that - For the reasons stated in the order dated 28.11.2016 passed by this Court and in continuation of the same, in view of the fact that the respondent Company has reiterated its inability to pay the admitted dues of the petitioner, the following order is passed. The Notice of the admission of the petition shall be advertised in the English daily newspaper Business Standard , Ahmedabad Edition and the Gujarati daily newspaper, Jai Hind , Ahmedabad Edition. The Official Liquidator attached to this Court is appointed as the Provisional Liquidator of the respondent Company and directed to take over the charge and possession of the assets of the respondent Company and to prepare an inventory of the office premises, books of accounts and all other assets of the respondent Company, as required. Publication of the Notice in the Government Gazette is dispensed with.

Summary

Issues:
1. Admittance of petition due to respondent's inability to pay admitted dues.
2. Appointment of Provisional Liquidator for respondent Company.
3. Change of respondent Company's name during the petition.

Analysis:

1. The petition was heard on 28.11.2016, where the respondent Company, unable to pay dues of ?21,64,17,004.68 to the petitioner, led to the admission of the petition. The Court deferred publication to allow the respondent to settle the dues, warning of publication if no action was taken.

2. Upon subsequent hearing, the respondent Company confirmed its inability to pay the dues, leading to the appointment of the Official Liquidator as the Provisional Liquidator. The Provisional Liquidator was tasked with taking over assets, preparing an inventory, and managing the respondent Company's affairs.

3. The Court dispensed with the need for publication in the Government Gazette and acknowledged the respondent Company's name change from "Ardor International Private Limited" to "Ardor International Limited" during the petition. The case was scheduled for final hearing on 24.01.2017, marking the key points of the judgment.