9911796707
TMI Blog2014 (3) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of Gujarat at Ahmedabad be appointed as liquidator of the respondent-company with all powers under the Companies Act, 1956 including power to take charge of the assets, affairs, books of account, documents, vouchers, bills, etc. of the said Company; c. pending the hearing and final disposal of this petition, the Official Liquidator attached to the High Court of Gujarat at Ahmedabad, or some other fit and proper person be appointed as the Provisional liquidator of the respondent-Company and its properties, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 loans which were advanced was made vide communication dated 23.2.2011 for a period of one year. As averred in the petition, such loans were advanced on interest-free basis on the mutual agreement that the respondent will repay the loan amount as demanded by the petitioner herein. The petitioner has relied upon the communication dated 31.3.2012 and the petitioner has asserted that the respondent-Company has acknowledged the debt of inter -corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 within one week from today. Final hearing of the petition shall take place on 21.10.2013, or any date thereafter, subject to convenience of the Court. In the meanwhile, by way of interim arrangement, reliefs in terms of Para-15(c) is granted. The Official Liquidator as Provisional Liquidator shall take necessary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nbsp; "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 the respondent Company has lost its financial substratum and it has become commercially insolvent. Hence, it would be just and proper to direct that the respondent-Company - M/s. Gujarat Synthwood Limited be ordered to be wound up. Accordingly, the respondent-Company is hereby orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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