1967 (8) TMI 125

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....the company. In the same paragraph, it is stated that, by their notice dated April 7, 1967, the petitioners demanded payment of their dues, and stated that if the same were not paid within three weeks after service of the said notice, the said company would be deemed to be unable to pay its debts within the meaning of sections 433 and 434 of the Companies Act, 1956, and on that footing a winding-up petition would be presented to the court. 3. It is common ground that the petitioners' claim has not been satisfied by the said company within the statutory period laid down in section 434(1)(a) of the Companies Act, and, in fact, a cheque for ₹ 1,410.80, forwarded to the petitioners by the said company after the notice of demand dated....

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....four weeks on the ground that the Government is making efforts to have the said Mill-company sold as a going concern, which he states would be to the advantage of everybody, as, in the event of a winding-up order being made by me to-day, the said company would be subjected to a liability to the tune of several lakhs in respect of the retrenchment compensation payable to workers. 7. First and foremost, there is no material before me whatsoever, except the oral statement made by Mr. Buch with regard to the alleged efforts that are being made by the Government to find a purchaser of the said company as a going concern. Mr. Buch tried to refer to some statements alleged to have been made on the floor of the legislature, but I have prevented hi....