1 cp364-02.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.364 OF 2002 M/s.Krishna Filaments Ltd. .. Petitioner Versus Pioneer Chemoplast Ltd. .. Respondent Ms.Gayatri Athare Patil i/b. Sreeji & Lal for respondent Mr.G.N.Pandit for petitioner CORAM : S.C.DHARMADHIKARI, J. 8th December 2011. P.C.: 1] This is a petition seeking winding up of respondent company. The petitioner has stated that the statutory notice was duly served on the registered office of respondent. It has been received and the acknowledgement of its receipt is also placed. There is no compliance with the requisitions in the statutory notice. The company petition has been filed on the basis that the respondent was purchasing the goods and they were sold, supplied and delivered from time to time. The respondent was purchasing these goods after placing orders with the petitioners and the petitioners complied therewith. Details of such compliance and the amount paid and the balance remaining outstanding has been set out in para 5 of the petition. The amount that has been claimed as balance is Rs. 5,68,39,628/- for the supplies details of which are set out in para 5 of the 2 cp364-02.sxw petition. There have been no compliances with the demands and neither the amount or any part thereof has been remitted. It is stated that petitioners also supplied their goods to M/s.Captivate. Supplies of the goods to this company are stated in para 7. It is stated that the company made part payment leaving the outstanding a sum of Rs.3,87,312/-. It is stated that the said company was merged with the respondents and, therefore, the liability of that company i.e. Captivate has also been taken over by the respondents. Claiming both sums that are outstanding on account of supplies made to the respondents and to M/s.Captivate that the statutory notice has been forwarded. Prior thereto there is a reference to the order of this Court on a petition for amalgamation which was presented to it. It is in such circumstances that the petitioner states that a sum of Rs. 11,72,26,940/- is due and payable. It has been pointed out that the respondent is heavily indebted and is commercially insolvent. It has been unable to carry out any business and its substratum has been lost completely. That is how it failed to comply with the Statutory notice as well. 2] None of these statements made in the petition have either been controverted by filing an affidavit in reply or during the course of oral argument. All that is stated by respondent's Advocate is that the respondent has no monies or finance to arrange for payment. On a query 3 cp364-02.sxw from Court as to whether any business operations are continuing or being carried on, respondent's Advocate was unable to state whether any business operations are continuing or carried on. The plea therefore, that this company is commercially insolvent and its sub-stratum has been lost completely, deserved to be accepted. In fact this was the position when this petition was admitted in November 2002. There has been no change in the situation and the respondent continues to be in the state of commercially insolvency. For all these reasons, this petition is made absolute in terms of prayer clauses (a) and (b). (S.C. Dharmadhikari, J)