2004 (2) TMI 350

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Respondent. ORDER 1. This is a Company Petition filed under section 433(e) and (f) of the Companies Act seeking winding up of the respondent-company known as G.M. Mittal Stainless Steels Ltd. The winding up is sought essentially on the ground that respondent company is unable to pay admitted debt of the petitioner company to the tune of Rs. 16,17,790 despite repeated demand made by the p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....counsel for the parties and having perused the record of the case I am of the considered opinion that the petitioner has made out a case for winding up of respondent company within the meaning of section 433(e) of the Act. 4. It is not in dispute that this court admitted this petition on 16-4-1999 and further directed advertisement of the petition in terms of the Company Court Rules. It is now ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....siness coupled with the fact that there are no grounds for revival of business itself indicate that respondent company is unable to pay/liquidate any of the debts. 6. When there is no business activity, when there are huge outstanding dues payable by the company and yet company has not submitted any proposal muchless viable proposal for its repayment; there is a prima facie case established for....