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TMI Blog2018 (4) TMI 1569X X X X Extracts X X X X X X X X Extracts X X X X ..... . (ORAL) 1. This petition is filed under sections 433 (e), 434(1)(a) and 439(1)(b) of the Companies Act, 1956 (hereinafter referred to as the 'Act') seeking winding up of the respondent company. 2. It has been pleaded in the petition that the respondent approached the petitioner for supplying of video and broadcasting equipment with top - notch quality. Accordingly, the petitioner agreed to cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017. This court on 11.12.2017 granted final opportunity to the respondent to file the reply. The reply is still not filed. 4. The learned counsel for the respondent made only one submission, namely, that the debt s for which the present winding up has been filed are barred by limitation. He relies upon the judgment of the Division Bench of this court in Interactive Media & Communication Solutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s follows: "4. What is stated in the said paragraphs is that no period of limitation has been prescribed under the Limitation Act for filing of a winding up petition. However, Section 433(e) stipulates that a winding up petition is maintainable when a company is unable to pay the debt which is due and payable. We have already interpreted Section 434(1)(a), which incorporates the deeming provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to initiate the winding up proceedings against the respondent company. The petition, therefore, is without merit is liable to be dismissed. The petition, therefore, is dismissed." 8. Reference may also be had to the judgment of the Division Bench of this court in the Fourseasns Marketing Pvt. Ltd. v. The Indure Ltd., Co.A.12/2005, decided on 22.11.2007, where the court held as follows: "13. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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