1 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 ORIGINAL ORIGINAL CIVIL JURISDICTION CIVIL JURISDICTION CIVIL JURISDICTION COMPANY COMPANY COMPANY APPLICATION APPLICATION APPLICATION NO. 37 OF 2007 NO. 37 OF 2007 NO. 37 OF 2007 IN IN IN COMPANY COMPANY COMPANY PETITION PETITION PETITION NO. 3 OF 2006 NO. 3 OF 2006 NO. 3 OF 2006 Vinergy Vinergy Vinergy International International International Pvt.Ltd .. Applicant Pvt.Ltd .. Applicant Pvt.Ltd .. Applicant vs vs vs Indosol Indosol Indosol Drugs Ltd Drugs Ltd Drugs Ltd ...... Respondent Respondent Respondent Ms.Colabawala Ms.Colabawala Ms.Colabawala i.b i.b i.b M/s Madekar & Co for M/s Madekar & Co for M/s Madekar & Co for Applicant Applicant Applicant CORAM CORAM CORAM : : : DR.D.Y.CHANDRACHUD, J DR.D.Y.CHANDRACHUD, J DR.D.Y.CHANDRACHUD, J DATED DATED DATED : : : 15th June, 2007 15th June, 2007 15th June, 2007 P.C. P.C. P.C. 1.1.1. The Company Petition for winding up was The Company Petition for winding up was The Company Petition for winding up was admitted admitted admitted on 7th April, 2006. In para 5 of the on 7th April, 2006. In para 5 of the on 7th April, 2006. In para 5 of the affidavit affidavit affidavit in support, it has been stated that the in support, it has been stated that the in support, it has been stated that the annual annual annual returns filed with the ROC for the years returns filed with the ROC for the years returns filed with the ROC for the years 2000-01 2000-01 2000-01 and 2001-02 show that the company is and 2001-02 show that the company is and 2001-02 show that the company is incurring incurring incurring losses and its net worth has become losses and its net worth has become losses and its net worth has become negative. negative. negative. It has been averred that the company has It has been averred that the company has It has been averred that the company has not not not filed filed filed financial results with the ROC thereafter financial results with the ROC thereafter financial results with the ROC thereafter and and and that the company has lost its substratum and that the company has lost its substratum and that the company has lost its substratum and has has has become commercially insolvent. In para 10 of become commercially insolvent. In para 10 of become commercially insolvent. In para 10 of the the the Company Petition, it has been stated that the Company Petition, it has been stated that the Company Petition, it has been stated that the company company company has made a loss of Rs.30.12 crores for the has made a loss of Rs.30.12 crores for the has made a loss of Rs.30.12 crores for the year year year 2000-01 and for the year 2001-02 a loss of 2000-01 and for the year 2001-02 a loss of 2000-01 and for the year 2001-02 a loss of 2 Rs.30.16 Rs.30.16 Rs.30.16 crores. crores. crores. 2.2.2. On the last date of hearing an adjournment was On the last date of hearing an adjournment was On the last date of hearing an adjournment was granted granted granted for one week as requested by learned for one week as requested by learned for one week as requested by learned counsel counsel counsel appearing on behalf of the company. No appearing on behalf of the company. No appearing on behalf of the company. No reply reply reply has been filed to the Company Application. has been filed to the Company Application. has been filed to the Company Application. In In In fact, no one appeared on behalf of the company fact, no one appeared on behalf of the company fact, no one appeared on behalf of the company even even even when the Company Petition was admitted despite when the Company Petition was admitted despite when the Company Petition was admitted despite service. service. service. 3.3.3. The aforesaid facts clearly make out a case for The aforesaid facts clearly make out a case for The aforesaid facts clearly make out a case for appointment appointment appointment of a provisional liquidator. of a provisional liquidator. of a provisional liquidator. 4.4.4. The Company Application is accordingly made The Company Application is accordingly made The Company Application is accordingly made absolute absolute absolute in terms of prayer clause (a). in terms of prayer clause (a). in terms of prayer clause (a). 5.5.5. All concerned to act on an authenticated copy All concerned to act on an authenticated copy All concerned to act on an authenticated copy of of of this order. this order. this order. (Dr.D.Y.Chandrachud, (Dr.D.Y.Chandrachud, (Dr.D.Y.Chandrachud, J) J) J) ......... 3