9911796707
TMI Blog1978 (4) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... This is a winding-up petition based upon a debt in the sum of Rs. 800. Mr. Chagla, learned counsel for the company, has stated that the company does not dispute the debt but that it is presently unable to make the payment. On 13th February, 1978, when this petition had reached hearing before me, Mr. Chagla applied for an adjournment on the ground that a new management had taken over the company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany in the same manner in which they had aided Centron. The feasibility report dated 5th April, 1978, is made by two employees, technically qualified, of Centron add SICOM. It states that, to put the existing equipment of the company in working condition components have to be added ; to place orders for these and to bring the existing machinery into running condition a period of four months is e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tates that if the company is ordered to be wound up, loss would be caused to the secured creditors and to the unsecured creditors and if the company is allowed to restart under the new arrangement there is a possibility of the company making profits and in due course reducing or meeting its liabilities. In neither of these affidavits is there a word stated that the United Western Bank or SICOM a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be sufficient to meet those debts. The views that are material are not those of such creditors. The company has been dormant since March, 1976. It is admittedly in no position to pay its debts. There is no reasonable expectation of its revival or profit-making. In the circumstances, no useful purpose can be served by staving off the evil day. I, therefore, wind up the company and pass an order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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