1 cp612-01.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.612 OF 2001 Ashar & Bhatta Laminates Pvt. Ltd. .. Petitioner Versus Electrotech Circuits (I) Ltd. .. Respondents Ms.Sumedha Sawant i/b. Nanesh Amin for petitioner CORAM : S.C.DHARMADHIKARI, J. DATE : 3rd FEBRUARY 2011. P.C.: 1] This petition for winding up has been admitted in 2001. This petition has been filed at the instance of the creditor who has supplied goods to the Company. The Company has accepted the goods and did not raise any protest. It also accepted the invoices and made part payment by forwarding cheques. The cheques were dishonoured. The Company has also admitted the liability, as is clear, from the statements made in paragraphs 6 to 9 of this petition. The Company was served with the statutory notice which was duly received but there is no reply nor any compliance made with the requisitions therein. 2] In the meanwhile, there has been a development, inasmuch as, 2 cp612-01.doc as far as the subject company is concerned, the Board of Industrial & Financial Reconstruction which was approached during the pendency of this petition for rehabilitation, as the Company has lost its net worth, formed an opinion that it would be proper and appropriate to wind up the Company. The opinion of BIFR in case No.118/1993 was duly forwarded to this Court with the communication from the BIFR in that behalf. The BIFR has in terms observed that the Company has become sick and is not likely to make its net worth exceed its accumulated losses within a reasonable time for meeting all its financial obligations and, therefore, it was not likely to become viable in future. In these circumstances, it was just, equitable and in public interest that the Company should be wound up. 3] Accordingly, this opinion was treated as a petition for winding up being Company Petition No.776/2005 and was admitted, so also, based thereon the Provisional Liquidator was appointed. 4] Such being the circumstances, I am satisfied that the Company has lost its substratum and there is no hope of its revival in future. The Company is unable to pay its debts. It is clear that it is commercially 3 cp612-01.doc insolvent. In these circumstances, this is a fit case where the Company should be wound up. 5] Accordingly, the Company Petition No.612/2001 is made absolute in terms of prayer clause (a). The Official Liquidator, High Court, appointed as Provisional Liquidator stands appointed as Liquidator of the Company with all powers under Section 433 and 434 of the Companies Act, 1956. (S.C.Dharmadhikari, J)