1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.755 OF 2004 BIFR. ..Petitioner. V/s. M/s. Harivishnu Packaging Ltd. ..Respondent. None present. CORAM:- A.M.KHANWILKAR, J DATED :- JULY 16, 2009. P.C. 1. This Petition is registered as suo motu Company Petition for winding up of the Respondent Company on the basis of recommendation of the BIFR. The BIFR in its order dated 27th August, 1999 has adverted to the outstanding dues payable by the Company to the extent of over Rs.190.55 Lakhs. An attempt to restructure/revive the Company was made. However, that did not fructify. As a result the Company was declared sick. BIFR before recommending winding up of the Company invited objections/suggestions. The same were duly considered and eventually, the BIFR by order dated 1st October, 2003 has opined that the Company is not likely to make its net worth exceed its accumulated losses within a 2 reasonable time, while meeting its due financial obligations and the Company as a result thereof is not likely to become viable in future. On that finding, the BIFR has recommended that it is just and equitable and in public interest to wind up the Respondent Company as aforesaid. 2. After the said recommendation was received in this Court, this suo motu Petition was entertained. Admission of the Petition was duly published. After publication, no objection has been received to oppose the proposed winding up. The Company has not been able to overcome its financial obligations. Nothing has been placed on record that the Company has paid of all the outstanding dues referred to by the BIFR in its order adverted to earlier. It necessarily follows that the Company is unable to pay its debt. In the circumstances, Petition is made absolute. The Company is ordered to be wound up forthwith. The Official Liquidator shall immediately take over possession of assets of the Company in liquidation and proceed in accordance with law. (A.M.KHANWILKAR, J)