1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 1004 OF 1999 Maharashtra State Financial Corporation ... Petitioner Vs Mayo (India) Limited. ... Respondent Ms. Manorama Mohanty i/b S.K. Srivastav & Co. for the Petitioner. Mr. Ramadasah K.V. for the Respondent. CORAM : S.J. VAZIFDAR, J. DATED : 7TH JULY, 2010. P.C. : 1. This is a Company Petition for winding up the Respondent- company on the ground that it is unable to pay its debts. 2. The Petitioner lent and advanced a sum of Rs.1,50,00,000/- to the Respondent on the terms and conditions contained in an agreement dated 20th October, 1995. Interest is stipulated therein at twenty-two per cent per annum. The amount has admittedly been received by the 2 Respondent. The Respondent has admittedly not repaid the said amount. There were proceedings pending before the B.I.F.R. Those proceedings have now come to an end. There was no reply to the statutory notice. No affidavit-in-reply has been filed. The learned counsel appearing on behalf of the company is unable to furnish any reasons why the order, as prayed, ought not to be passed. There is nothing on record which justify a dismissal of the petition either. 3. In the circumstances, the petition is made absolute in terms of prayers (a) and (b), which read as under :- “(a) That the said Company viz. Mayo (India) Limited having its registered office at J.B. Metal Industries Building, Saki Vihar Road, Mumbai 400072 be wound up under the direction and supervision of this Hon’ble Court under the provisions of the Companies Act, 1956. (b) That an Official Liquidator, High Court, Bombay or some other fit and proper person be appointed as Liquidator of the Company viz. Mayo (India) Limited having its registered office at J.B. Metal Industries Building, Saki Vihar Road, Mumbai 400072 with all powers under the provisions of Companies Act, 1956.” 4. The Petitioner shall also be entitled to costs, fixed at Rs. 10,000/- which the Petitioner shall be entitled to recover in the 3 winding up proceedings. Till the Official Liquidator takes possession of the properties, the Respondent shall not dispose of, alienate, encumber, part with possession of or create any third party right, title and/or interest into, upon or in respect of any of its properties, except for payment of wages. 5. The Company Petition, accordingly, stands disposed of.