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.524 OF 1999 Chandraprakash Akash Narsingh Raj Virwadia..Petitioner V/s. Bagade Electrical Industries Pvt.Ltd. ..Respondent. Mr.Ajit J. Shobhawat for petitioner. Mr.P.N.Singh i/b. Vyas & Bhalwal for Respondent. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : NOVEMBER 20, 2008. : NOVEMBER 20, 2008. : NOVEMBER 20, 2008. P.C. P.C. P.C. : : : 1. Heard Counsel for the Respondent. 2. Inspite of service, no reply has been filed to counter assertions made in the Petition. Today for the first time, request for adjournment is made. It is not possible to accede to this request at this distance of time. Petition is pending since 1999. Petition was admitted on 2nd February, 2000. Even at the admission stage, none appeared for the Respondent. 3. Across the bar the Counsel for the Respondent disputes the correctness of the claim of the Petitioner. It is not possible to accept this argument in absence of statement made by the authorised officer of the Respondent on affidavit. What is significant is that the 2 assertions made in the Petition have remained uncontroverted. 4. As per the Petitioner, outstanding amount payable by the Respondent company as on the date of filing of the Petition was around Rs.3,52,000/-. It necessarily follows that the Respondent company is unable to pay its debt. Significantly, Counsel for the Respondent fairly conceded before this Court on 24th March, 2008 as recorded in that order that the factory of the Respondent has been closed long back and assets of the Respondent Company have been sold by the secured creditors. In that sense, the Respondent company is not doing any business as of now and has no means to pay the outstanding dues. In the circumstances, this Court has no option, but to conclude that this is eminently fit case, where the Company should be wound up forthwith, as it is unable to pay its debt. 5. Accordingly, this Petition is allowed. The respondent company is ordered to be wound up forthwith. Official Liquidator shall take over the remaining assets of the Respondent company and proceed in accordance with the law. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)