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2013 (4) TMI 476 - HC - Companies LawWinding up - non payment of the value of the goods supplied - Held that - following the Apex Court in case of Pradeshiya Industrial & Investment Corpn. of U.P. v. North India Petrochemicals Ltd. [1994 3 TMI - 267]., An order u/s 433(e) is discretionary. There must be a debt due and the company must be unable to pay the same. A debt under the Section must be a determined or a definite sum of money payable immediately or at a future date. The inability referred to in the expression 'unable to pay its dues', in Section 433(e) should be taken in the commercial sense. In that, it is unable to meet current demands. It is plainly and commercially insolvent. Petition is accordingly dismissed.
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