1 913A.cp-778-09 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION jmi COMPANY PETITION NO. 778 OF 2009. SICOM Limited. ..Petitioner. vs. Tanaaya Gems & Jewellery Exports Limited. ..Respondent. .... Ms. Jaymala Raut, i/b. Jurisconsultus, for Petitioner. None for Respondent. Dr. Pandian, Official Liquidator. .... CORAM : S.J. KATHAWALLA, J. DATE : 24TH JUNE 2011. P.C. : This Petition is for hearing and final disposal. 2. By an order of this Court dated 5th March, 2010, it is recorded that the Respondent Company in Minutes of Order marked ‘X’ had agreed to pay to the Petitioner an amount of Rs.4,83,95,348/- with further interest at the rate of 10% per annum. 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 Affidavit proving Publication dated 5th August 2010 is on record. The Official Liquidator was appointed as provisional Liquidator of 2 913A.cp-778-09 the Company by an order dated 5th March 2010 and subsequent order dated 16th June 2010. 4. The Petitioner has informed this Court that the Respondent Company after default of payment as per Minutes of Order marked ‘X’ paid only sum of Rs. 50 lacs. To the Petitioner on 4th June 2010. 5. The fact that the Company has failed to deposit an amount of Rs.4,83,95,348/- with further interest at the rate of 10% per annum, as agreed by it before this Court and recorded in the order dated 5th March 2010, establishes beyond any doubt that the Company is unable to pay its debts and deserves to be wound up. 6. The Company Petition is therefore, allowed in terms of prayer clauses (a) and (c). [ S.J. KATHAWALLA, J. ]