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TMI Blog2012 (2) TMI 199X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent Company is unable to clear the debts of the creditors and therefore, the petitioners have made out a case for winding up of the Company – Decided in favor of petitioner. - CO. PETITION NO. 126/2006 - - - Dated:- 17-1-2012 - B.V. PINTO, J. K. Shrihari for the Petitioner. K. Rama Bhat for the Respondent. ORDER 1. This petition is filed under Section 433(e) and (f) of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e needy at an higher rate of interest and thereby, earn profits, his further stated that the respondent Company after running the Company for certain number of years has incurred loss and thereafter, it raid not respond to the request of the petitioners for repayment of the amount deposited by them, leave alone the interest thereon. It is stated that a sum of Rs. l1,67,945/- is due to the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions, it is stated that if the loans and advances made by the respondent Company are recovered, the respondent Company are able to repay the amount due to the investors. However, due to the financial crises and the globalisation of markets, the respondents .are unable to repay the amount. It is further stated by the respondents that the respondents have no intention to defeat the interest of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company being able to mobilise the amount, the Company would file an application for recalling the order of winding up. However, there are no concrete proposals as on today. 7. In the circumstances, I pass the following:- ORDER 1. Petition is hereby allowed. 2. Respondent-Company is ordered to be wound up. Official Liquidator attached to this Court is appointed to take over the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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