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2017 (3) TMI 1719 - BOMBAY HIGH COURTCorporate insolvency process - respondent company is commercially insolvent - appointment of Provisional Liquidator - Held that:- The respondent company in spite of issuance of the notice by the petitioner is unable to pay its debts. From the perusal of the material placed on record, it is clear that the respondent company is commercially insolvent and admittedly not in a position to discharge its liability and continuation of the respondent company would be detrimental to the interest of its creditors. The insolvency of the respondent company is reflected from the fact that there are as many as six company petitions filed in this Court for winding up the respondent company. In view these facts, this Court hereby appoints the Official Liquidator attached to this Court to be the Provisional Liquidator on the respondent company. Provisional Liquidator to submit report within 60 days from the date of order of this Court. The Provisional Liquidator is hereby directed to take charge of all the property and effects of the respondent company with immediate effect. The respondent company to submit state of affairs before the Provisional Liquidator within a period stipulated by the Provisional Liquidator.
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