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2017 (9) TMI 1744 - BOMBAY HIGH COURTWinding up of the respondent company u/s 433(e) and 434 of the Companies Act - Held that:- This is a case where the respondent has failed and neglected to pay the amount which is, prima facie, due to the petitioner. It was made clear during the submissions that the petitioners have not sought winding up on the ground of deemed commercial insolvency but have restricted their case to failure and neglect to pay amount which is not in dispute that having been said. It is stated across the bar that the petitioner have also filed a Commercial Summary Suit. It will be open to the petitioner to pursue the said claim. The facts of the case before us is of the view that the respondent should be put to terms and therefore pass the following order:- (i) The respondent shall deposit a sum of ₹ 1,45,79,032/- Prothonotary and Senior Master of this Court within a period of 8 weeks from today. (ii) In the event deposit is made and if a suit is filed by the Petitioner, the amounts so deposited will be transferred to the suit account and thereafter the company petition will stand dismissed. (iii) If the amount is not so deposited, the petition shall revive and shall stand admitted, returnable within six weeks from the date of default and be advertised in two local newspapers i.e. Free Press Journal (in English) and Navshakti (in Marathi) and in the Maharashtra Government Gazette. Delay in publication of the advertisement in the Maharashtra Government Gazette shall not invalidate the advertisement and shall not constitute non-compliance of this direction or of the Company (Court) Rules, 1959. (iv) The Petitioner shall deposit an amount of ₹ 10,000/- with the Prothonotary and Senior Master of this Court towards publication charges, within two weeks from the date of default, with intimation to the Company Registrar failing which the Petition shall stand dismissed for non prosecution. (v) The learned Counsel for the Respondent Company waives service of the Petition under Rule 28 of the Companies Court Rules, 1959.
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