9911796707
TMI Blog1998 (3) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... ner-company is engaged in the business of sale of cigarettes besides other business. The respondent-company approached the petitioner for being appointed as its whole-sale buyer of the cigarettes in the Kanpur area. On the request being accepted an agreement was entered between the parties. In pursuance of the said agreement, the petitioner supplied goods to the respondent and raised bills in respect thereof for payment. A running account was maintained by the petitioner-company in the ordinary course of business. On 31-3-1995, there was a debit balance outstanding of Rs. 22,27,502.82. Payable by the company to the petitioner. Though the respondent acknowledged its liability but neglected to pay the said amount despite repeated requests and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er rule 24 of the Companies (Court) Rules 1959 ('the Rules') was made out. However, it directed that before the petition is advertised, the respondent-company be given one opportunity to avoid the winding up provided they pay principal amount claimed by the petitioner in two equal monthly instalments. This direction was not complied with. Consequently, the learned counsel for the petitioner took steps to get the petition advertised. The office report shows that the notices have been duly published as required under rule 24 and a date for hearing has been fixed. 4. I have heard the learned counsel for the parties. 5. The learned counsel for the petitioner has contended that in the balance sheet as well as in the counter affidavit, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned counsel has also raised the plea of limitation. The Court had also considered the said submission in the order dated 29-8-1997 and had repelled the same. The said order has become final and not been chal-lenged. Therefore, I do not find any force with regards to the same either. 7. As a result, from the facts and the circumstances of the case, this Court is satisfied that the respondent-company Parasrampuria Trading Finance (P.) Ltd. is unable to pay its debts, consequently, a case is made out for the winding up of the company and it is hereby wound up. The Official Liquidator, High Court is appointed the Liquidator. The petitioner shall take steps in accordance with rule 113 of the Rules, for advertising this order in Form N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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