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of <h1>Company Faces Liquidation Over Unpaid Debt of Rs. 7.95 Cr; Court Gives 6-Week Deadline for Payment.</h1> <h3>M/s. Parmanand Vijaykumar Versus M/s. Samshi Pipe Industries Limited & 3</h3> The Court considered the winding-up petition against the respondent Company under Sections 433 and 434 of the Companies Act, 1956, due to its failure to ... Prayer to wind up the respondent Company - Sections 433 and 434 of the Companies Act, 1956 - HELD THAT:- Upon perusal of the averments made in the petition and the documents annexed thereto, it is, prima facie, evident to the Court that the respondent Company, after having admitted the dues it owes to the petitioner, is unable to make the payment of the same. Petition admitted - The final hearing of the petition shall be taken place on 09.06.2016. The petition under Sections 433 and 434 of the Companies Act, 1956 is preferred to wind up M/s. Samshi Pipe Industries Limited. The respondent Company failed to appear despite being served. The petitioner is owed Rs. 7,95,51,280, which the respondent Company admitted but failed to pay. The Court granted a final opportunity for payment within six weeks, with the final hearing set for 09.06.2016.
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