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2014 (2) TMI 1356 - HC - Companies LawUnable to pay the due amount - Section 434(1)(a) of Companies Act, 1956 - HELD THAT:- The proposal submitted by the respondent for restructuring of its liabilities to banks would not in any way restrict the petitioner to maintain the present petition which the petitioner is entitled to ex debito justitiae. The second submission made by the respondent that there is an inter se agreement between various banks also does not offer any credible defence to the respondent - The present petition is, therefore, admitted Appointment of a Provisional Liquidator - HELD THAT:- The Directors of the company shall file a Statement of Affairs within 21 days and also disclose the correct addresses of the company as well as the addresses of the Directors. It is clarified that the Directors of the company shall continue to operate the bank accounts, however, a weekly statement as to the receipts and payments shall be furnished to the Official Liquidator. Application disposed off.
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