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1990 (2) TMI 251 - HIGH COURT OF KARNATAKAExtract: .......ust be deemed to be a company which is unable to pay its debts. If so, the respondent-company is liable to be wound up on the ground available under clause (e) of section 433 of the Act. In the result, we allow this appeal, set aside the order of the learned single judge, allow the company petition and order that the respondent-company be wound up.
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