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2013 (11) TMI 386 - GUJARAT HIGH COURTWinding up - unable to pay dues with running accrual of interest - Held that:- On a careful consideration of the contentions put forward by the petitioner and the documents produced on record in this case, it is clear that the contentions of the petitioner with regard to the claim made herein would sustain the principles of law on the subject and therefore, a winding up order can be passed. It is therefore, clear that the petitioner has made out sufficient grounds to order winding up of the respondent Company under Section 433(e) of the Companies Act, 1956 - Court is of the view that the respondent Company is required to be wound up as it has failed to discharge its liabilities and the respondent Company has lost its financial substratum and the Company has incurred liabilities to such an extent that they cannot be fulfilled. Under these circumstances, this Court is of the view that this is a fit case for passing the winding up order and accordingly, the respondent Company is ordered to be wound up under the provisions of the Companies Act, 1956. The Official Liquidator attached to this Court is appointed as the Liquidator of the Company. The official Liquidator attached to this Court as a provisional liquidator was directed by this Court by an order passed in the matter on 02.08.2011 to take custody and possession of the assets and properties of the Company and while taking possession, the Official Liquidator was also directed to take inventory and draw a Panchnama of the assets of the Company and take further necessary action in accordance in law so that properties of the Company can be safeguarded - official Liquidator attached to this Court shall now take necessary action under Section 454 of the Companies Act, 1956 directing the Ex-Directors of the Company to file statement of affairs of the respondent Company as on the date of the winding up - Petition allowed.
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