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.367 OF 2003 B.I.F.R. ..Petitioner V/s. Ellora Steels Ltd. ..Respondent. Mr.S.Ramakanta, Dy.O.L. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : NOVEMBER 17, 2008. : NOVEMBER 17, 2008. : NOVEMBER 17, 2008. P.C. P.C. P.C. : : : 1. This Petition is entertained on the basis of recommendation of BIFR that it is just and equitable to wind up the Respondent company. 2. The Company Petition was admitted on 10th April, 2003. Admission of the Company Petition has been duly notified. Inspite of notice to the Respondent-company, no appearance has been made. 3. From the material referred to by the BIFR, it is more than clear that the Respondent company will be unable to pay its debt. Accumulated losses are to the extent of Rs.657.01 Lakhs as on 30th November, 1996, whereas the capital of the free reserves with the company during the period ending 30th November, 1996 is Rs.386.66 Lakhs and the paid up capital of 2 the Company was reported at Rs.300 Lakhs. There is nothing on record to indicate that recommendation made by the BIFR was challenged by the Respondent company or otherwise. In that sense, recommendation has been allowed to become final. Besides, there is nothing on record to indicate that the Respondent company has made any attempt to pay of its debt or to rehabilitate itself. 4. In the circumstances, I have no hesitation to order that the Respondent company be wound up forthwith. The Official Liquidator to take over possession of the assets and properties of the Company and proceed in accordance with the law. Ordered accordingly. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)