*1* cp.633.01.934.sxw kps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.633 OF 2001 The Bombay Mercantile Cooperative Bank Ltd.. ..Petitioner -versus- Kedarnath Uddavdas Ltd.. ..Respondent ............ Ms.Sapana Rachure i/by T.N.Tripathi & Company, for the Petitioner. None for the Respondent. ............ CORAM : S.C.DHARMADHIKARI, J. Date : 24th November, 2011. P.C.: 1 This petition for winding up was earlier presented by the original Petitioner (M/s Forever Trade (India) Pvt.Ltd.) stating that the Respondent Company is unable to pay its debts. It has failed and neglected to pay a sum of Rs.2,86,929/- to the M/s Forever Trade (India) Pvt.Ltd.. Subsequently, it was stated that the original Petitioner failed to take steps to proceed with the petition after admission of the petition. The Company Application No.638/2010 was moved by the substituted Petitioner, namely, Bombay Mercantile Cooperative Bank Ltd. to proceed with the petition on the basis of its claim. A detailed order was passed on 13.01.2011 and the said Bank is substituted as Petitioner in place of the original Petitioner. Subsequently, the substituted Petitioner Bank took steps to advertise this petition. 2 After complying all requirements stipulated in relation thereto under the Company Courts Rules, 1959 and satisfying this Court that the said Bank granted several facilities to the Company in liquidation *2* cp.633.01.934.sxw and one of the property was mortgaged with it, that it was allowed to step into the shoes of the original Petitioner. 3 For the reasons that are set out in the order dated 13.01.2011, I am satisfied that the Petitioner Bank is entitled to seek winding up of the Respondent Company. There is no dispute raised to the claim of this Bank. There is no affidavit filed denying the liability as well. Finding that there are several claims against the Company, the Company is no longer in position to carry on its business activities and that its assets and liabilities at Surat and Silvassa have been sold by the Official Liquidator and a sum of Rs.49 lacs is lying with the Official Liquidator, the interest of justice would be served if this petition for winding up is allowed. I am satisfied from perusal of the material placed on record that this is a fit case to exercise the power of winding up the Respondent Company as it is commercially insolvent and has lost its substratum. The winding up petition is pending in this Court for more than 10 years. For all these reasons, the petition is made absolute in terms of prayer clauses (a) and (b). The Official Liquidator now to take further steps in accordance with law. Equally, the Petitioner is at liberty to lodge its claim with the Official Liquidator. (S.C. Dharmadhikari, J)