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TMI Blog1971 (9) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... ed this petition for winding up of Dhootpapeshwar Sales Corporation Private Ltd. The ground on which the winding-up petition is presented is that the company is unable to pay its debts and it is otherwise just and equitable that the company should be wound up. The petitioner had filed a suit being Suit No. 339 of 1970 in the city civil court at Bombay against the company. In that suit, on April ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lt of payment of two instalments the whole amount then due under the decree became payable. By the petitioner's attorney's notice dated November 23,1970, the petitioner gave notice under section 434 of the Companies Act, 1956, calling upon the company to pay the amount due as stated in the said notice. It was stated in the said notice that if the requisition contained therein was not complied with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor, the company shall be deemed to be unable to pay its debts. There is no controversy between the parties that a statutory notice as required under the above provisions was served upon the company by registered post and within three weeks of the receipt thereof, the company has failed and neg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd there are no assets available to meet those liabilities. It is now well settled that a company is commercially insolvent if it is unable to pay and discharge its liabilities as they arise in the ordinary course of business. In the present case, the company is clearly commercially insolvent and this is a fit case where an order of winding-up should be passed against the company on the ground tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that a ground for winding up has not been made out and that the company should not be ordered to be wound up. In the result, the company is ordered to be wound up in terms of prayer ( a ) of the petition. The official liquidator is appointed liquidator with all the necessary powers under the provisions of the Companies Act, 1956, to take charge of the assets of the company and to conduct the af ..... X X X X Extracts X X X X X X X X Extracts X X X X
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