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2013 (8) TMI 578 - HC - Companies LawWinding up u/s 433(e) r.w 434(1)(a) - Inability to pay Debts - Petition for winding up was made on the ground of Defendant’s inability to pay its debts – Held that :- The order of winding up of the company to be kept in abeyance for a period of eight weeks to give JIL one last opportunity to make payment to E&Y of the admitted liability to the satisfaction of E&Y – The present petition will be disposed of leaving it open to E&Y to institute other appropriate proceedings in accordance with law to recover the balance amount claimed by it - If such payment was not made by JIL to E&Y – Following order would become immediately operational - The OL was appointed as the Provisional Liquidator ('PL') of the JIL. The OL was directed to take over all the assets, books of accounts and records of the JIL immediately upon this order becoming effective - The OL shall in that event also prepare a complete inventory of all the assets of the JIL before sealing the premises in which they are kept - He may also seek the assistance of a valuer to value the assets - He was permitted to take the assistance of the local police authorities, if required – Decided in favor of Petitioner.
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