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2014 (1) TMI 1167 - DELHI HIGH COURTWinding up of company - Inability to pay debts - Payment not made for consignment received - Held that:- there is a specific averment that the respondent company is unable to make the payment and is commercially insolvent. The defences taken by the respondent company are without any substance and appear to be mere moonshine. In these circumstances, I am satisfied that the respondent company is unable to pay its debts to the petitioner and therefore should be wound up - OL attached to this Court is appointed as the Provisional Liquidator ("PL") of the Respondent. The OL is directed to take over all the assets, books of accounts and records of the Respondent forthwith. The OL shall also prepare a complete inventory of all the assets of the Respondent before sealing the premises in which they are kept. He may also seek the assistance of a valuer to value the assets. He is permitted to take the assistance of the local police authorities, if required - Decided in favour of Petitioner.
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