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2013 (2) TMI 339 - DELHI HIGH COURTWinding up petition - Petitioner a company registered in Hong Kong was supplying to the Respondent computer peripherals and digital cameras payments were permitted on D/A basis within 90 days from the date of bill of lading - as on 28th February 2005 a sum of USD 59,743.90 (principal + interest) was outstanding - Held that:- In the absence of Respondent denying its liability which is reflected in its audited balance sheet as on 31st March 2006, the entry in the books of accounts of the Respondent that the aforementioned amounts were outstanding to the Petitioner should be taken to be acknowledgment of the debt. In the above circumstances, this Court is satisfied that the Respondent is unable to liquidate its debts within the meaning of Section 433 (2) of the Act. Accordingly, the petition is admitted. The OL is appointed as PL of the Respondent directed to take over the assets of the Respondent together with its books of accounts and other relevant records as may be available at the registered office of the Respondent. The OL is permitted to seek police assistance where required. The OL will file a status report in this Court within four weeks & also confirm that the interim order passed by the Court on 27th April 2004, and made absolute on 22nd November 2011, restraining the Respondent ‘from selling, alienating, transferring or parting with the immovable assets without the leave of the Court’, has been duly complied with. The OL will take necessary steps to ensure compliance with this direction by the Director of the Respondent. The Petitioner is directed to effect publication of the citation of this petition in the official gazette, ‘Statesman’ and ‘Danik Jagran’ in terms of Rule 24 of the Rules.The Directors of the Respondent are directed to strictly comply with the requirements of Section 454 of the Act and Rule 130 of the Rules and furnish to the OL a statement of affairs in the prescribed form verified by an affidavit within a period of 21 days from today.
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