1968 (10) TMI 74

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..... - This is a petition for winding up the Seksaria Cotton Mills Ltd., inter alia, on the ground of non-compliance with the statutory notice that has been given by the petitioner under section 434(1)(a) of the Companies Act. Mr. Khambatta has sought to contend that the company is not commercially insolvent and that its financial position is not such as to be unable to pay its debts. The petitioner'....

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.... cut a compromise or arrangement under which the mills can be worked. There is, however, nothing concrete placed before the court by way of a scheme which would justify me in refusing to admit the petition on this ground and postponing the same, as Mr. Khambatta has asked the court to do. All the same, I am prepared to make an order which, in my opinion, will, whilst protecting the rights of the p....