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2016 (3) TMI 335 - HC - Companies LawWinding-up petition - appointment of Official Liquidator - Held that:- This Court has granted more than sufficient time to the respondent-Company in order to make the payment of the outstanding dues of the petitioner, not disputed by the respondent-Company. The Undertaking given by the respondent-Company before this Court has not been honoured by it and all the Cheques handed over to the petitioner pursuant to the said Undertaking have been dishonoured despite a specific statement that all the Cheques would be honoured. The entire sequence of events, as disclosed hereinabove, does not inspire sufficient confidence in the Court so as to show more leniency to the respondent-Company by granting time. From the material on record, including the affidavit-in-reply filed by the respondent-Company and the consistent failure of the respondent-Company to make good the admitted dues of the petitioner, it is amply evident that the respondent-Company has lost its financial substratum and is unable to pay its debts. M/s. Sparta Cements and Infra Limited”, the respondent-Company, is hereby ordered to be woundup. The Official Liquidator attached to this Court is appointed as the Official Liquidator of the respondent-Company and is directed to take over the possession of the entire assets of the respondent-Company, that is, movables, immovables as well as Bank Accounts etc. The Official Liquidator is further directed to take all measures for the winding-up of the respondent-Company as provided under the Companies Act.
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