IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.707 OF 2008 The Supreme Industries Ltd. .. Petitioners Vs Priti Plastics Pvt.Ltd. ... Respondents Mr.Sachin Joshi i/b Mr.M.G.Mimani for the petitioners None for the respondents CORAM : S.J. VAZIFDAR, J. DATED : 30TH JUNE, 2010. P.C. : 1. This is a petition for winding up the Respondent-company interalia 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 inclusive of interest is almost Rs.12.0 lacs. The claim arises on account of the the goods sold and delivered by the petitioners to the Respondents on the basis of invoices. The invoices stipulate the rate of interest @ 20% p.a. There is no reply to the statutory notice. There is no reply to the petition. The order dt.10.10.08 was passed in terms of the consent terms signed by the parties and their advocates by which the Company admitted its liability in the sum of Rs. 6,98,717.53 together with interest @ 21% p.a. Under the Consent Terms, the petitioners were ready to accept interest at a lower amount, in the event of any payments being made as stated therein. However, the Company failed to make the payment as per the consent terms. As a result thereof, the Company Petition stood admitted. 3. In the circumstances, the Company Petition is made absolute in terms of prayer clause (a) and (b). The petitioners shall also be entitled to recover the costs fixed at Rs.10,000/- in the winding up proceedings. The petitioner shall be entitled to refund the advertisement costs deposited by it as the petitioners has advertised the petition at its own expenses.