1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.900 OF 2005 Vinyl Chemicals (India) Ltd. .. Petitioners Vs. Mafatlal Dyes and Chemicals Ltd. ... Respondents Mr.Kunal Vajani i/b M/s.Wadia Ghandy and Co. for the petitioners None for the respondents CORAM : S.J. VAZIFDAR, J. DATED : 19th JULY, 2010 P.C.: 1. This is a petition for winding up the respondent company inter alia on the ground that it is unable to pay its debts. 2. According to the petitioners, the Company is indebted to it in the sum which today is over Rs.40.0 lacs. 3. The claim arises on account of goods sold and delivered by it to the respondents on the terms and conditions contained in several invoices. There was no reply to the statutory notice. 2 4. The Company has remained absent when the petition was admitted on 16.6.06. There is no affidavit in reply. The company is absent today. 5. It is not necessary to set out the facts. The petitioners had filed Summary Suit No.3091 of 2005 in which it took out Summons for Judgment No.744 of 2005. The parties entered into consent terms as recorded in order dated 6.6.06. The suit was compromised for sum of Rs.22.0 lacs payable in the installments stated therein. It was however, provided that in case the respondent company makes any default in payment of monthly installment as directed therein, the Summons for Judgment will stand granted and the suit shall stand decreed in terms of prayer clause (a) and (b). Prayer (a) was for a decree in the sum of Rs.32,08,073/- together with interest @ 21% p.a. for the sum of Rs. 22,40,717/-. Only a sum of Rs.13,50,000/- was paid. Thus, as of today, there is a decreetal debt of a sum exceeding Rs.40.0 lacs. 6. The Company Petition is therefore, made absolute in terms of prayer clause (a) and (b). The petitioners shall be entitled to costs of Rs. 10,000/- which may be recovered in the winding up proceedings.