1 IN IN IN THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.508 OF 2006 B.I.F.R. ..Petitioner V/s. M/s.Pogul Spinning Pvt.Ltd. ..Respondent. Mr.Y.V.Divekar i/b. Divekar & Co. for one of the ex-directors of the Respondent company. Mr.S.Ramakanta, Dy.O.L. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : OCTOBER 16, 2008. : OCTOBER 16, 2008. : OCTOBER 16, 2008. P.C. P.C. P.C. : : : 1. None appears for the Respondent company. No reply has been filed. Company Petition was admitted on 20th October, 2006. Affidavit of publication was filed on 30th October, 2006. 2. During the pendency of the Company Petition, one of the ex-director S.M.Pogul had filed affidavit asserting that the Company was liable to pay amount of Rs.26 Lakhs to M.S.F.C. Besides, the Company had submitted proposal for one time settlement, on which, decision of M.S.F.C was awaited. That affidavit has been filed on 24th January, 2008. 3. Counsel appearing for the said ex-director accepts that since then there is no further 2 development, which would result in settlement of claim amount payable to M.S.F.C. In other words, the Company is not in a position to pay of all the dues as referred in report submitted by the BIFR. The amount far exceeds net worth of the Respondent company. In other words, it is unlikely that the Respondent company would become viable in near future. Accordingly, it would be just, equitable and in public interest to wind up the Respondent company. 4. Accordingly, this Petition succeeds. It is ordered that the Respondent company be wound up forthwith. Official Liquidator shall take possession of the assets of the Respondent company and proceed in accordance with the law. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)