1 cp-989-01 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION jmi COMPANY PETITION NO. 989 OF 2001. Mrs. Nira Mahendra Zaveri. ..Petitioner. v/s. M/s. Parth Share & Stock Broking Private Limited. ..Respondent. .... None for Petitioner. None for Respondent. Deputy Official Liquidator, present. .... CORAM : S.J. KATHAWALLA, J. DATE : 26TH OCTOBER 2010. P.C. This Petition is for hearing and final disposal. 2. By an order of this Court dated 2nd May 2002, it is recorded that the Respondent Company had agreed to deposit an amount of Rs.2,50,000/- in Court. It was also provided that if the Respondent Company fails to deposit the agreed amount, the Petition shall stand admitted without further reference to the Court and made returnable within eight weeks from the date of admission. It was also provided that upon admission, the Petition would be advertised in “Free Press Journal” (in English) and “Navshakti” (in Marathi) and the Maharashtra Government Gazette. 3. The Respondent Company failed to deposit the amount as agreed. The petition was therefore, admitted and advertised. The 2 cp-989-01 Affidavit proving publication dated 17th December 2002 is on record. The Provisional Liquidator of the Company was also appointed by an order dated 24th October 2002. 4. The Official Liquidator has informed this Court that some of the assets of the Company have already been sold by DRT for Rs.85 Lacs. An amount of Rs.33,91,723/- is handed over to the Oriental Bank of Commerce. The Liquidator has also invited claims which are yet to be adjudicated. 5. The fact that the Company has failed to deposit an amount of Rs.2,50,000/- as agreed by it before this Court and recorded in the order dated 2nd May 2002, establishes beyond any doubt that the Company is unable to pay its debts. 6. The Company Petition is, therefore, allowed in terms of prayer clauses (a) and (b). [ S.J. KATHAWALLA, J. ]