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TMI Blog2014 (3) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... PANY PETITION NO. 186 of 2013 - - - Dated:- 25-11-2013 - R.M.CHHAYA, J. For the Appellant : Mrs. Swati S. Soparkar and B.S. Soparkar. ORDER :- The present petition has been preferred by the petitioner under Sections 433 and 434 of the Companies Act, 1956 (hereinafter referred to as "the Act") for an appropriate order of winding up of the respondent-company, namely, M/s. Gujarat. Synthwood Limited. 2. By way of this petition, the petitioner has prayed for the following reliefs: "a. the Respondent-company, namely Gujarat Synthwood Limited, be wound up by and under the orders and directions of this Hon'ble Court under the provisions of the Companies Act, 1956; b. the Official Liquidator attached to the High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vocate for Mr. B.S. Soparkar for the petitioner. Though served, no one appears for the respondent-Company. Mr. Mishra, learned Deputy Official Liquidator is present. 4. Mrs. Swati Soparkar, learned advocate for Mr. B.S. Soparkar contended that the respondent-Company is not a going concern and is commercially insolvent and is unable to pay its debt and has lost its financial substratum and this Court may allow the petition and pass an order of winding up of the Company. 5. It is the case of the petitioner that the petitioner-Company has advanced an amount of Rs.25,10,000/- by way of inter-corporate loans to the respondent in the year 1992, initially, for a period of 3 years. The petitioner has averred that the last renewal of the two loa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that in reply to the said notice, the respondent-Company has vide communication dated 26.4.2013 has informed the learned advocate of the petitioner that the respondent-Company does not deny the liability to pay, but has impressed its inability to arrange for the funds as it is incurring huge losses. 7. It appears from the record of the petition that this Court (Coram: K.M. Thaker, J.) vide order dated 9.7.2013 has issued notice. However, no one appeared on behalf of the respondent and ultimately by an order dated 12.8.2013, this Court admitted the matter and passed the order of admission in the following terms: "10. Therefore, below mentioned order is passed: Admit. Notice of admission of petition to be published ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tstanding. The reply to the statutory notice which is extensively quoted by this Court in its order dated 12.8.2013 as well as considering the contents of the reply given by the respondent-Company dated 6.4.2013, wherein it is stated by the authorised signatory of the respondent-Company as under: "We are in receipt of your letter dt. April 10, 2013, in this connection, we have to state that while we do not deny our liability to pay, the fact is that the Company had been incurring huge losses from the beginning only. It does not have the necessary fund for making payment demanded vide your above letter. We regret the inconvenience caused." 12. Considering the aforesaid facts and circumstances, it is clearly established that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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