1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. COMPANY PETITION NO.691 OF 2009 A. Navinchandra Steels Limited ..Petitioner. Vs. Lok Housing and Constructions Ltd. ..Respondent. .... Ms Punita Soni i/b Singhania & Co. for the Petitioner. Mr. Sanjay Jain with Mr. Nikhil Salian i/b Pravin Mehta & Co. for the Respondent. .... CORAM: DR. D.Y. CHANDRACHUD, J. 27th November, 2009. P.C. : The Company Petition is for an order winding up the Respondent on the ground that the company is unable to pay its debts within the meaning of Section 434 of the Companies Act, 1956. A statutory notice under Sections 433 and 434 of the Companies Act, 1956 was issued on 15th May, 2009. Twenty one days from the date of the notice would expire on 6th June, 2009. Notifications have been issued by the Government of Maharashtra declaring the company as a relief undertaking under Sub Section (1) of Section 3 of the Bombay 2 Relief Undertaking (Special Provisions) Act, 1958. In terms of the provisions of Section 4(1)(a)(iv), the notification provides that during the term of the notification any rights, privileges/ obligations or liabilities and any remedy for the enforcement thereof shall be suspended. The current notification dated 26th May, 2009 is in operation until 25th May, 2010. In the circumstances, in view of the notification, it cannot be stated that there is any debt due and payable as of date. There is a suspension of the rights, privileges, obligations and liabilities. The claim of the Petitioner does not fall in any of the excepted categories. In the circumstances, the Company Petition would not be maintainable and would accordingly stand rejected with the clarification that it would be open to the Petitioner to seek recourse to its remedies in accordance with law including by way of a petition for winding up once the protection conferred under the Act has come to an end. *****