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.360 OF 2003 B.I.F.R. ..Petitioner V/s. M/s.Avien Rubber & Chemicals Industries (Pvt)Ltd. .Respondent. None for the company. Mr.S.Ramakanta, Dy.O.L. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : DECEMBER 5, 2008. : DECEMBER 5, 2008. : DECEMBER 5, 2008. P.C. P.C. P.C. : : : 1. None appears, when the matter is called out. 2. This proceeding is initiated on the basis of recommendation of BIFR to wind up the Respondent on the ground that it is unable to pay its debts and it is just and equitable and in public interest to do so. Inspite of notice, which is duly served on the Respondent; and the publication of admission of present Petition as well as for final hearing to proceed on 5th December, 2008, the Respondent has not bothered to appear nor have filed any reply to controvert the facts stated in the report of the BIFR. From the report of the BIFR it is more than evident that the outstanding dues payable by the Respondent company far exceeds the value of the assets of the Company. The 2 accumulated losses of the company is stated to be Rs.384 Lakhs as is noted in the Provisional balance-sheet of the Respondent Company as on 31st March, 2001. The fact remains that inspite of ample opportunity given by the BIFR the Respondent company was unable to overcome the financial difficulty. There is nothing on record to even remotely suggest that the Respondent company has been able to pay off any of the dues after the recommendation for winding up of the Respondent company by the BIFR was made. In the circumstances, I have no hesitation in taking the view that the Respondent is unable to pay its debt and it is in public interest as well as it is just and equitable to wind up the Respondent company. 3. Accordingly, it is ordered that the Respondent company be wound up with immediate effect. The Official Liquidator shall take steps as may be necessary and proceed against the assets of the company forthwith. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)