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2013 (4) TMI 108 - HC - Companies LawWinding up petition - consequent to serious defaults in repayments of the amounts proceedings were initiated by the bank for recovery of the amounts due. - Held that - This petition needs to be allowed for the reason that the respondent-Company has not been able to pay its undisputed debts and has chosen neither to dispute the debt, assail the judicial order nor contest this petition. There is no other equally efficacious remedy available with the petitioner and that in the facts and circumstances of the case and background, it would be just equitable for the Company to be wound up. Under the facts and circumstances, the respondent-Company is ordered to be wound up.
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