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2010 (10) TMI 89 - HC - Companies LawWhether the proceedings for winding up of the Company before the Company Court is maintainable? Held that:- It cannot be said that ARCIL has no locus to move winding up petition before the Company Court as it is an admitted fact that the debt is assigned by Dena Bank in favour of ARCIL and by virtue of such assignment, winding up petition is filed. As pointed out above, since the Company is unable to pay its debts and since considering the report of the Chartered Accountant and the balance-sheet, the Company is totally insolvent which, in our view, has rightly been ordered to be wound up by the learned single Judge by giving cogent reasons. The learned counsel for the appellant is unable to point out that the Company’s financial position is sound to meet the liabilities. In fact, looking to the facts and circumstances and considering the report of the Chartered Accountant, in our view, the Company in question deserves to be wound up as it is totally in an insolvent position. Appeal dismissed.
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