TaxTMI 
TaxTMI 
TaxTMI 
1991 (6) TMI 200
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....na, J. - The petitioner-firm has made this application for winding up of the respondent-company on the ground that the respondent-company is unable to pay its debts and that it is just and equitable that the company should be wound up. Facts : The petitioner-firm carries on business, amongst others, of supply of woollen blankets, clothes, umbrellas, aprons, etc. (which I shall refer to as "goods"....
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.... the respondent-company for payment of the balance, but to no avail. Thereafter, the petitioner-firm again issued two legal notices through its counsel on March 20, 1989, and July 18, 1989, demanding payment. But the respondent-company neglected to pay the amount. Hence this petition. The respondent-company has not filed a counter-affidavit. However, in the course of the hearing of the petition, ....
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....tioner has served on the respondent-company a demand notice requiring the respondent-company to pay the sum so due and the respondent-company has for three (3) weeks thereafter neglected to pay the sum. Therefore, on the facts and in the circumstances of the case, it is concluded that the respondent-company was unable to pay its debts. As regards the "just and equitable" clause, no material has be....
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.... with section 433, it indicates that whether or not a winding up order is to be made is within the discretion of the court. Therefore, the court is not bound to make an order 6f winding up under section 433, although a ground for winding up under section 433(a) to (e) is made out. In the present case, I am of the opinion that it will be just and fair to give a chance to the respondent-company whic....