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.359 OF 2003 B.I.F.R. ..Petitioner. V/s. Subhakti Textiles Ltd. ..Respondent. None for company. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : OCTOBER 14, 2008. : OCTOBER 14, 2008. : OCTOBER 14, 2008. P.C. P.C. P.C. : : : 1. None appears for the Respondent company. 2. On the basis of recommendation received from the BIFR, this Court proceeded to admit Company Petition for issuance of direction for winding up on 27th March, 2007. Besides, admitting the Petition, Provisional Official Liquidator has been appointed on 14th March, 2007. Later on, by order dated 11th June, 2004, this Court admitted Company Petition and consequent to admission of the Company Petition advertisement of admission has been issued in the local newspaper. The affidavit of publication filed by the Official Liquidator indicates that position. 3. Inspite of sufficient notice, the Respondent has not bothered to appear. No claim has been 2 received to oppose passing of order of winding up in respect of the Respondent company. From the report submitted by the BIFR it is more than evident that there is no scope for reviving of the company. The accumulated losses exceed net-worth of the Company. It is unlikely that the Company would become viable in near future. In the circumstances, it is just, equitable and in the public interest that the Respondent Company is ordered to be wound up under section 20(1) of the Act in exercise of powers under section 433 and 434 of the Companies Act. 4. Accordingly, it is ordered that the Company is wound up. The Official Liquidator is appointed and shall proceed with necessary actions to take the order of winding up to its logical end. 5. Petition disposed of accordingly. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)