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2015 (4) TMI 197 - KARNATAKA HIGH COURTWinding up application of company under section 433(e) & (f) - Default in payment of creditors - Held that:- This Court while considering the petition for admission on 25.03.2014 had in fact referred to the statement of objections and in that light, having taken note of the position that the respondents had failed to pay the amount despite the admission made, had thought it fit to admit the petition and had directed advertisement. Despite the order of admission and the advertisement being carried out, the respondent has neither paid the amount due to the petitioner nor has any other material been brought on record. In that light, what is also necessary to be noticed is that the respondents in their objection statement have admitted that apart from the petitioner, they are due to several creditors and since they are not in a position to settle with all creditors, the amount due to the petitioner also has not been paid. This would clearly indicate that the respondent is unable to pay its debts and they are liable to be wound up. - Application for winding up allowed.
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