1998 (8) TMI 487

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....on 439 of the Companies Act, 1956 ('the Act') Chaudhary Attar Singh (the petitioner) has prayed for winding up of the company Subash Oil Mills (P.) Ltd. having its registered office at National Highway, Chhata, Mathura (the respondent-company) on the ground that the said respondent is indebted to the petitioner and has not been able to pay its debts despite the service of the statutory notice. ....

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....by them, was prima facie of the view that a case for admitting this petition and for advertising the same under rule 24 of the Companies (Court) Rules, 1959 was made out. However, as the publication of the advertisement would have serious consequences on the business of the respondent, the Court directed that the publication of the advertisement shall remain stayed provided the respondent deposits....

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....oticed above, the company, in the counter affidavit, had not disputed its liability to pay the amount claimed by the petitioner. It has also candidly admitted that it was not in a position to pay its debts on account of the financial crunch. Despite, the Court having granted time to the respondent-company to pay the admit- ted dues in two installments it has failed to pay. Under the circumstances,....