2004 (10) TMI 332

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.... S.K. Mishra for the Applicant. ORDER 1. This petition is filed for winding up of the respondent- company under sections 433(e) and 439 of the Companies Act, 1956 on the ground that the respondent-company is indebted and is unable to pay the debts. On 9-3-2000, facts were noted leading to indebtedness of the respondent and prima facie, it was found that the respondent was unable to pay the d....

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....ement was arrived at between the parties. As per this settlement, the respondent had agreed to pay a total sum of Rs. 45,06,240 out of which a sum of Rs. 6,03,240 was paid as mentioned above. It was further agreed that remaining amount shall be paid in 7 instalments at the end of every four months, starting from 1-10-2000. First six instalments were to be of Rs. 6 lakhs each and 7th instalment of ....