1 IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.119 OF 2002 M/s.KSL and Industries Ltd. ..Petitioner. V/s. M/s.TPI India Ltd. ..Respondent. Ms.Deepti Mohan i/b. Paras Kuhad & Associates for petitioner. CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J DATE : JANUARY 31, 2008. DATE : JANUARY 31, 2008. DATE : JANUARY 31, 2008. P.C. : P.C. : P.C. : 1. None appears for the Respondent though served. No reply has been filed to contest this Petition. In that sense assertions made in the Petition have remained uncontroverted. 2. Petitioner’s claim is founded on the Bill discounting facilities extended by the Petitioner to the Respondent. It is seen that the Respondent availed of the Bill discounting facility to the extent of Rs.5,22,000/-. The Respondent acknowledged the liability, which position is reinforced from the cheque issued by the Respondent in the like amount. The cheque, when presented however, was dishonoured. The Petitioner accordingly, gave statutory notice for recovery of the dues, but of no avail. Inspite of 2 the statutory notice the respondent failed and neglected to pay the outstanding dues. In the circumstances, the Petitioner has been driven to take recourse to present remedy under section 434 of the Companies Act. 3. From the material on record and the averments, which have remained uncontroverted, I have no hesitation in taking the view that the Respondent has failed and neglected to pay outstanding dues atleast to the extent of Rs.5,22,000/-. It is obvious that the Respondent is unable to pay its debt. In the circumstances, this Petition is admitted. 4. Petitioner shall advertise the admission of the Petition in two local news papers, namely, "Free Press Journal", "Navshakti" and in the Maharashtra Government Gazette. The Petitioner shall deposit an amount of Rs.10,000/- with the Prothonotary & Senior Master towards the publication charges, within three weeks with intimation to the Company Registrar, failing which, the Petition shall stand dismissed for non-prosecution. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)