9911796707
TMI Blog2014 (3) TMI 133X X X X Extracts X X X X X X X X Extracts X X X X ..... up. Accordingly, the respondent-Company Amadhi Investments Limited is hereby ordered to be wound up. The Official Liquidator attached to this Court appointed as Provisional Liquidator as per order dated 01.10.2013 is hereby appointed as Official Liquidator of the respondent-Company and the Official Liquidator is directed to take over the possession of the entire assets of the respondent-Company i.e movable, immovable as well as Bank Accounts etc. The Official Liquidator is further directed to do the needful for winding up of the respondent-Company as provided under the Act. The Official Liquidator shall submit a report within a period of three months - Decided in favour of assessee. - COMPANY PETITION NO. 5 of 2012 - - - Dated:- 12-11-201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... injunction of this Hon'ble Court from in any manner directly or indirectly dealing with, disposing off, alienating, selling, encumbering, transferring, parting with possession of any of its assets or properties or dealing with the properties or any of its assets in whatsoever manner or any part thereof; e. for interim and ad-interim reliefs in terms of prayer clauses [c] and [d] above; f. the cost of this petition may kindly be provided for and; g. for such other and further relief's as the nature and circumstances of the case may require." 2. Heard Mr. P.V. Patadiya, learned counsel for the petitioner and Mr. Mahesh B. Bariya, learned counsel for the respondent-Company. 3. It is the case of the petitioner that due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice have been complied with. It is, therefore, case of the petitioner that the respondent-Company is unable to pay its debt within the meaning of Section 434 of the said Act and therefore, the respondent-Company has become commercial insolvent and hence, the same is required to be ordered to be wound up. 5. This Court vide order dated 15.03.2012 issued notice and in response to the same, the respondent-Company appeared through learned counsel Mr.Mahesh Bariya. In spite of the fact that the respondent-Company was given repeated reminders, no reply has been filed and hence, this Court (Coram:K.M.Thaker,J.) vide order dated 08.07.2013 admitted the present petition and has observed as under: "6.1. Having regard to the facts and circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. According to the order dated 16.8.2013, final hearing of the petition is to take place today. However, petitioner has made affidavit of publication today and due to paucity of time it is not possible to take up final hearing of petition today. Therefore, hearing is adjourned. 3. S.O. to 12.11.2013. 4. In the meanwhile OL is appointed as provisional liquidator who shall take charge of assets, records, documents, papers etc. of the company in liquidation and shall take steps to attach the property / assets of the company in liquidation and also prepare inventory of assets / property of the company in liquidation and shall also take all usual steps as required for giving effect to the order of admission of petition, until ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hough, the same is confirmed, the respondent-Company has neglected to pay the same. 11. Mr. J.S. Yadav, learned counsel for the Official Liquidator submitted that vide order dated 01.10.2013, this Court appointed the Official Liquidator attached to this Court as Provisional Liquidator, however, no further actions are yet taken by the office of the Official Liquidator. 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 'Amadhi Investments Limited' be wound up. Accordingly, the respondent-Company Amadhi Investments Limited is hereby or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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