Court dismisses winding up application, grants exemptions, and issues directives for financial transparency.

The court dismissed the application for winding up of the respondent company for non-payment of an amount. An exemption application was allowed subject to exceptions, while a stay application was disposed of due to an interim order. The application for the appointment of a provisional liquidator was dismissed. Specific directives were issued for the respondent company to provide detailed information and restrictions on asset disposal, emphasizing transparency in financial matters and operations.

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Issues: Petition seeking winding up of respondent company for non-payment of amount; Application for exemption; Application for stay dismissed; Application for appointment of provisional liquidator dismissed.

Analysis:
1. Winding Up Petition: The petition under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956, seeks winding up of the respondent company due to non-payment of an amount of &8377; 34,93,918/-, representing invoices raised by the petitioner for services provided. The petitioner has taken steps for service of notice to the respondents, and the court has directed the respondent company to show cause as to why the petition should not be admitted and the company wound up. The Managing Director and Directors are required to file personal affidavits providing detailed information about shareholding, financial statements, bank accounts, assets, debtors, creditors, employees, and connections with other entities within six weeks.

2. Exemption Application: An application for exemption, Co. Appl. No. 4823/2016, has been allowed subject to all just exceptions, and the application is disposed of accordingly.

3. Stay Application: Co. Appln. No. 4821/2016 for a stay is not pressed due to the interim order passed in the main petition, and the application is disposed of in terms of the said order.

4. Appointment of Provisional Liquidator: Application CO.APPL.4822/2016 for the appointment of a provisional liquidator is dismissed as not pressed at this stage.

The court has issued specific directives for the respondent company to comply with, including the submission of detailed affidavits and restrictions on asset disposal. The judgment reflects a comprehensive approach to address the non-payment issue and ensure transparency regarding the company's financial status and operations.

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