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2017 (9) TMI 1940 - HC - Companies LawWinding up of the respondent company - inability to pay its debts as and when they arise - due towards repayment of credit facilities due towards repayment of credit facilities - HELD THAT:- The Company is clearly bound and liable to pay amount guaranteed under the Corporate Guarantee. They have failed and neglected to pay their debts, thus inviting the deeming provisions of the act of commercial insolvency. Learned Counsel for the respondent submitted that apart from the defences raised in affidavit in reply dated 30th January, 2017, there are no other defences that the company can press. The affidavit in rejoinder reiterates the claim and denies contentions in the reply. The petition is also advertised as directed in the order of 19th October, 2015. Learned Counsel for the petitioner submitted that the affidavits of service are already on record and find that they are already filed as of 13th April, 2017. Affidavit of publication in two local newspapers and a further affidavit of publication in Maharashtra Government Gazette on 13th April, 2017 is also seen to have been filed in this Court on 25th April, 2017. The respondent Company M/s. Classic Diamond (India) Limited shall be wound up by and under the supervision, direction and order of this Court in accordance with the provisions of the Companies Act, 1956 - Petition is allowed.
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