1978 (4) TMI 175

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....ing party. JUDGMENT Bharucha, J. -This is a winding-up petition based upon a debt in the sum of Rs. 800. Mr. Chagla, learned counsel for the company, has stated that the company does not dispute the debt but that it is presently unable to make the payment. On 13th February, 1978, when this petition had reached hearing before me, Mr. Chagla applied for an adjournment on the ground that a n....

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.... assured working finance to revive the company in the same manner in which they had aided Centron. The feasibility report dated 5th April, 1978, is made by two employees, technically qualified, of Centron add SICOM. It states that, to put the existing equipment of the company in working condition components have to be added ; to place orders for these and to bring the existing machinery into runni....

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....e fully safeguarded." SICOM's affidavit states that if the company is ordered to be wound up, loss would be caused to the secured creditors and to the unsecured creditors and if the company is allowed to restart under the new arrangement there is a possibility of the company making profits and in due course reducing or meeting its liabilities. In neither of these affidavits is there a word s....