Lsp IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION COMPANY PETITION No. 790 of 2005 in BIFR NO. 170 OF 1997 B.I.F.R. ....Petitioners V/s. M/s. Libra Polymers Pvt.Ltd. ....Respondents None for the respondents. CORAM CORAM CORAM : A.M.KHANWILKAR,J. : A.M.KHANWILKAR,J. : A.M.KHANWILKAR,J. DATED DATED DATED : 15th October, 2008 : 15th October, 2008 : 15th October, 2008 P.C. . This petition has been registered on the basis of recommendation made by BIFR. The BIFR has opined that it is imperative and in public interest to wind up the respondent company. The petition was admitted on 29th September, 2005. As per the directions issued by the Court, publication has been effected in the local newspapers as well as Government Gazette, as stated in affidavit dated 21st March, 2006. Significantly, Provisional Liquidator was appointed vide order dated 6-10-2005 read with 29-9-2005. During the pendency of this petition, nothing has come on record so as to indicate that there has been any change which would pursuade this Court to take a view different than the one taken while admitting the petition on 29th September, 2005. On perusal of the report of BIFR and the accompanying material, it is amply clear that the 2 company is not in a position to pay off its debts. It is seen that the accumulated losses far exceed the net worth of the company. Besides, it is not possible for the company to wipe off the accumulated losses within a reasonable time. As a matter of fact BIFR has recorded that opinion as back as in June 2004. No reply has been filed by the respondent company in spite of notice to dispel the opinion recorded by the BIFR. The opinion recorded by the BIFR is founded on the documents which were placed before it clearly indicating that the company is not likely to become viable in the near future and it was just equitable and in public interest to wind up the company. As aforesaid no material has been placed before this Court to pursuade me to take a view that there is any change in that situation. There is nothing on record to show that the company has already paid off the debts or for that matter, the correctness of the opinion of the BIFR has been challenged before any Court of competent jurisdiction. Accordingly, I have no hesitation in upholding the recommendation of the BIFR and order that the company be wound up with immediate effect. 2. In view of the above, it is ordered that the company petition is disposed of by directing winding up of respondent company. The Official Liquidator shall immediately proceed in the matter in accordance with law 3 in relation to the assets of the company in liquidation. Ordered accordingly. [A.M.KHANWILKAR,J.] [A.M.KHANWILKAR,J.] [A.M.KHANWILKAR,J.]