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2015 (10) TMI 543 - HC - Companies LawApproval for Petition of Winding Up under Section 433 & 434 – Petitioner contends that Respondent committed a default in payment of its instalment and other debenture holders – Further contended that notice of Petitioner was cryptically replied by a bare denial of liability and as such Petitioner finds no concrete plan for payment of liabilities – Respondent contested that winding up petition against a company, which is in temporary financial difficulties, ought not to be admitted – Further held that creditors have no absolute right to insist on winding up on grounds of inability to pay debts and instead give time to come out of the momentary financial crisis. Held That:- Delaying the admission of these petitions would not serve the interest of any of the stakeholders as well as the public - Workmen’s dues should be provided for and protected - Resultant prospect of not acting in a timely manner in the face of serious doubts as to commercial viability of the Company and several critical unexplained financial matters - Company petitions are admitted and Respondent is restrained by a temporary order and injunction from disposing of any of its assets and properties or creating any third party rights otherwise than in due course of its business - The Respondent Company is directed to place on record the latest financials of the Company – Allowed and decided in favour of the Petitioner.
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