((-1-)) MST IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.363 OF 2001 B.I.F.R. Petitioner versus Makune Solmex Limited Respondent None for petitioner. Mr.Girish Kedia for Respondent. CORAM : A.M.KHANWILKAR, J. DATE : 09th January 2008 PC : 1. This petition is registered on the basis of recommendation of BIFR in terms of its order dated 30th June 1999 in BIFR Case No.31 of 1997 in relation to the respondent company. After having perused the said report and the accompaniments thereto, I am in agreement with the opinion recorded by the BIFR that it is not possible to rehabilitate the respondent company and that the net assets of the respondent company have eroded. The BIFR has positively opined that the company is not likely to make its net worth exceed accumulated losses within a reasonable time while meeting financial obligations and that ((-2-)) MST the company as a result was not likely to become viable in future and that it was equitable and in public interest that it was wound up under section 20(1) of the Act. No further affidavit has been filed on behalf of the respondent company to demonstrate that there has been changed circumstance. In my opinion, therefore, this is a fit case for ordering winding-up of the respondent company. The Official Liquidator is appointed who shall take over the assets, liabilities and business of the respondent company forthwith and take appropriate measures as may be required. 2. Counsel for the respondent company informs that the assets of the respondent company have already been taken over by MSFC who had the first charge on the said assets. They proceeded with the action staying out of the winding up proceedings as secured creditors. The respondent may place that position before the Official Liquidator and produce such materials as may be advised. The Official Liquidator may consider the stand of the respondent on its own merits. 3. Accordingly, this petition is disposed of on the above terms. At this stage the counsel for ((-3-)) MST the respondent seeks stay of the operation of this order for a period of two weeks to enable the respondent company to examine the possibility of taking the matter in appeal, if so advised. It is, therefore, ordered that operation of the order shall be stayed for a period of two weeks from today. (A.M.KHANWILKAR, J.)