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TMI Blog2002 (10) TMI 798X X X X Extracts X X X X X X X X Extracts X X X X ..... diction under the Companies Act (for short the Act ), admitted an application for winding up and directed publication of the citation, on the basis of an application filed by the respondent under Sections 433 and 439 of the Act, alleging therein that the appellant-company is unable to pay the debts. The appellant took the stand that the assertions in the application filed under Section 433 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he materials adduced, it must be held that the company is unable to pay the debts in question. With this conclusion the appeal having been dismissed and the order of the learned single judge having been upheld, the present appeal has been preferred on special leave being granted. 3. Mr. P.M. Misra, learned senior counsel appearing for the appellant, vehemently contended that both the teamed sin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r notice that while granting leave this Court has passed an interim order on 11th December, 1995 calling upon the appellant to furnish a bank guarantee to the tune of ₹ 8 lakhs pursuant to which a bank guarantee has been furnished and the same is continuing. Mr. Misra, urged that the respondent will in no way be prejudiced if the bank guarantee is permitted to be continued and the suit is di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y judge to direct winding up has been considered by this Court in the case of Madhusudan Gordhandas v. Madhu Woollen Industries Pvt. Ltd., , which has been followed and reiterated in the case of Pradeshiya Industrial Investment Corporation of U.P. v. North India Petrochemicals Ltd. and Anr., . 6. Having applied our mind to the ratio of the aforesaid two cases, the materials on record and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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