2019 (5) TMI 1735 - HC - Companies Law

Admissibility of petition - Winding up of company - HELD THAT - The affidavit of publication was filed on 16.08.2017, which is taken on record. Since, no one has put in appearance on behalf of the respondent-company to contest the petition. Hence, this Court is inclined to accept the averments made by the petitioner as true and correct that debt is admitted and is not being disputed by the respondent company. Therefore, the respondent company deserves to be wound up. Petition disposed off.

Summary

Issues:
Winding up petition under Sections 433 (e) (f), 434, and 439 of the Companies Act, 1956.

Analysis:
The judgment delivered by Hon'ble Mr. Justice Rajiv Narain Raina pertains to a petition filed for the winding up of a company under Sections 433 (e) (f) read with Sections 434 and 439 of the Companies Act, 1956. The petition was admitted on a specific date, and the factum of admission was ordered to be published in newspapers and the Official Gazette of Chandigarh Administration. An affidavit of publication was subsequently filed, and due to the absence of any representation from the respondent-company to contest the petition, the Court accepted the petitioner's averments as true and correct. The Court concluded that the debt was admitted and not being disputed by the respondent company, leading to the decision that the respondent company should be wound up. Consequently, the Official Liquidator attached to the Court was appointed as the Liquidator of the respondent-company. The Liquidator was directed to take charge of all movable and immovable assets and records of the company and proceed further in compliance with the law. Furthermore, the winding up order was instructed to be published in specific newspapers and the Official Gazette of Chandigarh Administration. Finally, the petition was disposed of, marking the conclusion of the legal proceedings related to the winding up of the company.