1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.454 OF 1998 J.K. Credit & Finance Ltd. ....Petitioner V/s. Parasrampuria Industries Ltd. ....Respondent Mr.Rishit Badiani i/b Hariani & Co. for the Petitioner. None for the Respondent. CORAM : S.J. VAZIFDAR, J. DATE : 8TH JUNE, 2010. P.C. :- 1. This is a Petition for winding up of the Respondent company on the ground that it is unable to pay its debt. The Petitioner’s claim as of date is over Rs.20,00,000/-. The Petitioner’s claim arises under a lease agreement. The company had taken certain equipment on lease. It failed and neglected to pay the amounts as per the agreement. It is not necessary to deal with the transaction or the accounts in any detail in view of what has transpired during the course of these proceedings itself. 2. The company was given opportunities to make payment of the Petitioner’s dues. By an order dated 23.1.1999, it was ordered that if the company deposited an amount of Rs.23,53,895/-, as stated therein, the Petition would stand dismissed and in the event of it failing to do so, the Petition would stand automatically admit. As the company failed to make payment as aforesaid, the Petition stood admitted. 2 3. Thereafter this Court passed an order in terms of the minutes of the order dated 2.9.1999. The company was granted an opportunity of making payment as stated therein. Seven out of ten installments were paid. The balance installments were not paid. 4. The company has remained absent. There is no explanation for failure to pay the said amounts despite several opportunities having been granted. 5. In the circumstances, the Petition is made absolute in terms of prayers (a) and (b). 6. The Company Petition is accordingly disposed of.