Advantage Global BPO Private Limited Ordered to Wind Up for Financial Failures

The court ordered the winding up of Advantage Global BPO Private Limited due to its inability to meet financial obligations, loss of substratum, and acknowledgment of outstanding debts. The Official Liquidator was appointed to take possession of the company's assets and submit a report within three months.

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Issues:
1. Winding up of respondent-company - Advantage Global BPO Private Limited.

Analysis:
The judgment involves two petitions filed for the winding up of the respondent-company, Advantage Global BPO Private Limited. The first petition, Company Petition No. 170 of 2009, was filed by Dotcad Private Limited, claiming an outstanding amount of Rs. 25,00,001 for providing computers and peripherals. The respondent issued cheques that were dishonored, leading to the petition. The second petition, Company Petition No. 255 of 2009, was filed by Vishwa Office System, seeking payment of Rs. 24,84,943, which remained unpaid despite reminders and dishonored cheques.

The petitioners argued that the respondent-company failed to make payments, indicating its inability to pay debts due to its financial condition. It was contended that the respondent-company was not viable, had lost its substratum, and had multiple creditors. The respondent did not dispute the liability to pay the outstanding amounts to the petitioners, nor did it contest its financial incapacity to settle debts.

Considering the submissions and lack of rebuttal from the respondent, the court concluded that the respondent-company had lost its substratum and was incapable of meeting its financial obligations. Consequently, the court ordered the winding up of Advantage Global BPO Private Limited and appointed the Official Liquidator to take possession of the company's assets, including bank accounts, cash, and account books. The Official Liquidator was directed to submit a report within three months and could engage an official valuer if necessary. No costs were awarded in this case.

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