1998 (1) TMI 396

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ns 434 and 439 of the Companies Act, 1956 the Bank of India (Petitioner in short) has prayed for the winding up of the company Metalfabs India (P.) Ltd., having its registered office at Barnawa Road, near City Railway Station, Meerut, on the ground that the said company was unable to pay its debts and, therefore, the same should be wound up. 2. The relevant facts in brief are that on the reques....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....espondent-company dated 3-7-1979 (Annexure-3) in which the said respondent has admitted the outstandings as on 22-6-1979 at Rs. 54.84 lakhs. 3. On notice being served, the company had put in appearance and filed a counter affidavit but the debt was not seriously disputed. The petition remained pending in this Court for several years and ultimately the same was listed for hearing before me on 9-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssed to the petitioner which has been annexed as Annexure-3 to the petition. In the counter affidavit also the debt has not been disputed. Apart from the same, as stated by the learned counsel, the company is lying closed for the last over ten years and the two directors who had also been impleaded as respondents are dead. Under the circum-stances, it will be of no use to keep this company alive a....