1999 (8) TMI 798

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....itioning creditors against the respondent-company known as 'Motorol (India) Ltd.' for winding up. 2. The respondent-company have got their office at Rinki R & D Centre, near Bombay Shopping Centre, R.C. Dutt Road, Baroda, and have got the Corporate Office at 116/117, Swastik Chambers, Sion-Trombay Road, Chembur, Bombay-400 071. The nominal capital of the respondent-company is Rs. 6 crores divided into 60 lakhs of equity shares of Rs. 10. The issued, subscribed and paid-up capital of the respondent-company is Rs. 5,83,71,660. 3. The following table shows the company petition number, the name of the petitioning creditor, the amount outstanding and the nature of the claim : CompanyName of PetitionerAmountNature of claim Ptn. No.Out....

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....d that, it is just and equitable that the company should be wound up. According to the petitioning creditors, though the statutory notices under section 434 have been issued and served to the respondent-company for the huge amounts, the respondent-company has neglected to pay the said sum even after the lapse of the statutory period. 4. Upon hearing the learned counsels for the petitioning creditors and the learned counsel for the respondent-company Mr. Soparkar, it appears that the company is unable to pay its debts within the meaning of section 433 and section 434. 5. It cannot be disputed that before filing of the company petitions for winding up of the respondent-company every efforts came to be made by the petitioning creditors f....