2008 (3) TMI 472

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....K. Kothari for the Respondent. JUDGMENT (ORAL JUDGMENT) K.A. Puj, J. - The petitioner has filed this petition under sections 433 and 434 of the Companies Act, 1956, for winding up of the respondent-company on the ground that the respondent-company has failed to discharge its liabilities towards its creditors including the petitioner. This court has issued notice on May 4, 2007. Notice was....

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.... pay the amount. The court has further observed that the secured creditors have enforced their security under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The court therefore, passed an order of admission and directed the petitioner to issue advertisement in English daily The Indian Express, Ahmedabad edition and Jansatta, Gujarat daily, Ahmed....

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....mpany. The said petition was disposed of by this court vide its order dated May 10, 2005, directing the said banks to set apart Rs. 5 crores out of the sale proceeds in a separate account. The said amount was to be set apart without prejudice to the rights and contentions of the parties. Bank of India being respondent No. 1 in the said petition was directed to file necessary affidavit and undertak....

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....e to Rs. 1,01,12,538.50. From the above referred proceedings before this court and from the communication received the petitioner, from the workers union, it clearly appears that the assets of the company have already been sold Nothing remains which enables the company to carry on any business or to continue its existence. To pass a winding up order is merely an empty formality. The company is ....