Company Petition Granted, Orders Winding Up due to Unpaid Debt The Company Petition was made absolute, ordering the winding up of the respondent company under the Companies Act, 1956, due to the respondent's failure ...
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Company Petition Granted, Orders Winding Up due to Unpaid Debt
The Company Petition was made absolute, ordering the winding up of the respondent company under the Companies Act, 1956, due to the respondent's failure to repay the confirmed balance owed for goods sold and delivered. The absence of an affidavit in reply and the respondent's non-appearance further supported this decision. The petitioner was granted costs of &8377; 10,000/- to be recovered in the winding up proceedings.
Issues involved: Petition for winding up a company u/s inability to pay debts.
Details of the judgment:
1. The petitioner claimed a sum of over &8377; 15,00,000/- along with interest from the respondent for goods sold and delivered. The respondent confirmed the balance but failed to repay, leading to the petition for winding up.
2. The absence of an affidavit in reply and the respondent's absence during the admission of the petition supported the decision to make the Company Petition absolute.
3. The Company Petition was made absolute, ordering the winding up of the respondent company u/s Companies Act, 1956, and appointing an official liquidator or another suitable person as the liquidator.
4. The petitioner was granted costs of &8377; 10,000/- to be recovered in the winding up proceedings.
5. The Company Petition was disposed of as per the above terms.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
