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TMI Blog2015 (8) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent-Company be wound up. Consequently, the respondent-Company M/s. Deepak Casting Ltd. stands wound up under the Act of 1956 and the Official Liquidator attached to this Court is appointed as the Official Liquidator of the respondent-Company under Section 448 of the Act of 1956. The Official Liquidator may now further take appropriate steps as provided for in law under Section 457 (1) of the Act of 1956 including the steps to take in his custody the properties of the company in liquidation, if any and take steps for their safeguard subject to approval of this Court. He is directed to publish notice of this winding up order in two daily newspapers, one in vernacular and the other English i.e. Rajasthan Patrika, Alwar Edition and Hindus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Bench came to the conclusion that despite having allowed enough time and opportunity to the company/promoters and exploring other possible avenues also, it had not been possible to formulate any acceptable revival scheme for the company that could enable it to make its net worth exceed the accumulated losses within the reasonable time, while meeting all its due financial obligations and that the company, as a result thereof, was not likely to become viable in future and that it was just, equitable and in public interest that the Company M/s. Deepak Castings Ltd should be wound up u/s 20(1) of SICA. The Bench therefore confirmed its earlier prima facie opinion formed on 13.01.2014 to wind up the company in terms of Section 21(1) of SICA. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... likely to become viable in the foreseeable future making its net worth exceed the accumulated loss (as held by the Board) and therefore it is just, equitable and in public interest that the respondent-Company be wound up. Consequently, the respondent-Company M/s. Deepak Casting Ltd. stands wound up under the Act of 1956 and the Official Liquidator attached to this Court is appointed as the Official Liquidator of the respondent-Company under Section 448 of the Act of 1956. The Official Liquidator may now further take appropriate steps as provided for in law under Section 457 (1) of the Act of 1956 including the steps to take in his custody the properties of the company in liquidation, if any and take steps for their safeguard subject to a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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