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.762 OF 2004 B.I.F.R. ..Petitioner V/s. Raigad Castings Ltd. ..Respondent. Mr.S.Ramakanta, Dy.O.L. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : NOVEMBER 17, 2008. : NOVEMBER 17, 2008. : NOVEMBER 17, 2008. P.C. P.C. P.C. : : : 1. This Petition is entertained on the basis of recommendation of BIFR that it is just and equitable to wind up the Respondent company. 2. The Company Petition was admitted on 11th January, 2007. Admission of the Company Petition has been duly notified. Inspite of notice to the Respondent-company, no appearance has been made. No Reply has been filed to counter the assertions made in the Petition. 3. From the material referred to by the BIFR, it is more than clear that the Respondent company will be unable to pay its debt. Accumulated losses are to the extent of Rs.162.73 Lakhs as on 31st March, 1997, whereas the capital of the company as on 31st March, 2 1997 was Rs. 140 Lakhs. There is nothing on record to indicate that recommendation made by the BIFR was challenged by the Respondent company or otherwise. In that sense, recommendation has been allowed to become final. Besides, there is nothing on record to indicate that the Respondent company has made any attempt to pay of its debt or to rehabilitate itself. 4. In the circumstances, I have no hesitation to order that the Respondent company be wound up forthwith. The Official Liquidator to take over possession of the assets and properties of the Company and proceed in accordance with the law. Ordered accordingly. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)