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.514 OF 2004 TAD Metals FZE. ..Petitioner. V/s. Rivona Industries Ltd. ..Respondent. Ms.S.T.Shaikh a/w Gayatri Sharma i/b. S.K.Shrivastav & Co. for petitioner. None for Respondent. CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J DATE : JANUARY 8, 2008. DATE : JANUARY 8, 2008. DATE : JANUARY 8, 2008. P.C. : P.C. : P.C. : 1. None appears for the Respondent though served. No reply has been filed to counter allegations made in this Petition. It appears that hearing of this Petition was deferred, as the BIFR proceedings in relation to the Respondent Company were pending. However, recent report made available by the Office indicates that the said BIFR proceedings have been dismissed. The Respondent though appeared on the earlier occasion have not bothered to place on record whether the Order passed by the BIFR has become final or has been carried in appeal. I will proceed on the assumption that the Order of BIFR dismissing the proceedings has become final. In the circumstances, this Petition will have 2 to proceed. 2. As aforesaid, none appears for the Respondent. No reply has been filed to counter assertions made in the Petition. Petitioner’s claim is based on the goods sold, delivered and supplied to the Respondent company by the Petitioner. Respondent company had executed Bills of Exchange in favour of the Petitioner in the sum of USD 1,58,870.98 The total outstanding claim of the Petitioner appears to be over Rs.79 Lakhs(Rs.Seventy Nine Lakhs only). The Respondent have not disputed execution of the Bills of Exchange. Inspite of repeated reminders, as Respondent failed to pay outstanding dues, the Petitioner sent statutory notice, which has been duly served on the Respondent, as can be seen from the acknowledgement of document at Exh. "E". It necessarily follows that the Respondent is unable to pay its debt and that the Respondent has failed and neglected to pay its debt. Besides, the Respondent company was before BIFR, which presupposes that the Respondent company is not in a position to pay its outstanding dues. In the circumstances, Petition deserves to be admitted. 3. Hence, Company Petition is admitted. 3 4. The Petitioner shall advertise the Petition in two local newspapers, 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. . Ordered accordingly. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)