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2014 (3) TMI 93 - GUJARAT HIGH COURTWinding up of company - Inability to pay debts - Non adherence to statutory notice - Held that:- even after receipt of the statutory notice, the dues which have been acknowledged by the respondent-Company have not been paid and the same remained outstanding - it is clearly established that the respondent Company has lost its financial substratum and it has become commercially insolvent. Hence, it would be just and proper to direct that the respondent-Company - M/s. Gujarat Synthwood Limited be ordered to be wound up. Accordingly, the respondent-Company is hereby ordered to be wound up - Decided in favour of petitioner.
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