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2014 (5) TMI 1008 - HC - Companies LawWinding up of company - Inability to pay debts - Gold ornaments made on order - But payment was not made fully - Held that:- respondent has admitted the debt. It is also an admitted position that the respondent Company is not a going concern and the respondent Company has lost its financial sub-stratum and has become commercially insolvent and is unable to pay its debts. In light of such admitted position therefore, the petition deserves to be allowed. The respondent Company is hereby ordered to be wound up under Sections 433 and 434 of the Companies Act. The Provisional Liquidator appointed by this Court vide order dated 30.4.2012 and 13.11.2013 passed in Misc. Civil Application No. 182 of 2013 is hereby appointed as Official Liquidator. The Official Liquidator shall take possession of all movable and immovable assets of the respondent Company and shall file its report within a period of three months - Decided in favour of appellant.
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