2010 (5) TMI 376

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....he Respondent. JUDGMENT 1. As both these petitions are filed for an appropriate order of winding up of one common respondent-company - Advantage Global BPO Private Limited, both these petitions are disposed of by this common judgment and order. Company Petition No. 170 of 2009 is filed by the petitioner - Dotcad Private Limited - under section 433, read with section 434, of the Companies Act....

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....he respondent-company. It is further the case on behalf of the said petitioner that towards the aforesaid dues of Rs. 25,00,001, the respondent-company issued four cheques amounting to Rs. 24,21,871, however, when the said four cheques were deposited in the Bank, all the four cheques had dishonoured and thereafter again fresh cheques were issued which were again deposited, however, the same were a....

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....te appearing on behalf of the respective petitioners that the respondent-company has failed to make the payment of the amount due and payable to the respective petitioners and as such, the respondent-company is not in a position to pay the amount due and payable by the respondent-company to the respective petitioners, looking to its financial condition. It is submitted that the respondent-company ....

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....s viable running company and/or its financial position is such that it can pay its debts. 6. In view of the above, it appears that the respondent-company has lost its substratum and is not in a position to pay its debt to its creditor and, therefore, the respondent-company is required to be ordered to be wound up. 7. In view of the above, both the petitions succeed and the respondent-company....