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TMI Blog2020 (3) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... for three financial years as also the pendency of SARFAESI proceedings reveal that the respondent company is a loss making company and has lost its financial substratum and the same leads to only one conclusion that the company is not in a position to pay its debts to the creditors. It would be just and proper to direct that the respondent company Polo Ceramic Private Limited be wound up - Petition allowed. - R/COMPANY PETITION NO. 70 of 2015 - - - Dated:- 5-2-2020 - HONOURABLE MR.JUSTICE A.J.DESAI MS ANUJA S NANAVATI FOR THE PETITIONER MR SP MAJMUDAR FOR THE RESPONDENT ORDER Heard learned advocates for the both the respective parties. 1. The present petition has been preferred by the petitioner under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner aggregating to ₹ 1,50,000/- (Rupees one lac fifty thousand only) leaving an outstanding balance of ₹ 12,67,778.00 (Rupees twelve lakhs sixty seven thousand seven hundred seventy eight only) the details of the part payment made by the respondent company acknowledging its liability to pay is mentioned hereunder: Date of payment Amount paid (Rs) 30.6.2012 50,000.00 20.8.2012 50,000.00 22.11.2012 50,000.00 3. The petitioner submits that after receipt of part payment, the officers of the petitioner constantly followed up with the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings towards the dishonor of the cheque. The respondent company also admitted that it is facing financial crunch and once the fund is available it would make the outstanding payment to the petitioner at the earliest. The learned counsel for the respondent has filed an affidavit dated 5.10.2018, interalia, stating that the respondent company is also facing proceedings under the SARFAESI Act and also admitted that temporarily the respondent company is not in operation. Further, the affidavit dated 7.9.2015 filed on behalf of the petitioner clearly discoses that the respondent company has consistently been into losses in the years 2012, 2013 and 2014. It is, therefore, apparent that the company is unable to discharge its dues and has l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 5.2.2019. 8. The advocate for the petitioner submits that pursuant to the aforesaid order, the same came to be advertised and published in two local newspapers I.e Indian Express (English edition) and The Sandesh (Gujarati Edition) and an affidavit for service dated 7.5.2019 has been filed in compliance of the same. 9. It is worthwhile to note that even though a Statutory notice was issued, the respondent company refused to accept the service of such statutory notice. No reply was given to such statutory notice and, therefore, the defence put forward by the respondent company in its affidavit in reply is nothing but an after-thought. It is on record that the respondent had admitted its outstanding dues and in fact made some ..... X X X X Extracts X X X X X X X X Extracts X X X X
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