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2014 (3) TMI 133 - GUJARAT HIGH COURTWinding up of company - Inability to pay debts - Statutory notice has been duly served upon the respondent-Company, however, no reply has been given nor requisitions of the said statutory notice have been complied with - Held that:- it clearly transpires that the petitioner advanced loan of Rs.5,00,000 and even though, the same is confirmed, the respondent-Company has neglected to pay the same - it is clearly established that the respondent-Company has lost its financial substratum and it has become commercially insolvent, hence, it would be just and proper to direct that the respondent-Company 'Amadhi Investments Limited' be wound up. Accordingly, the respondent-Company Amadhi Investments Limited is hereby ordered to be wound up. The Official Liquidator attached to this Court appointed as Provisional Liquidator as per order dated 01.10.2013 is hereby appointed as Official Liquidator of the respondent-Company and the Official Liquidator is directed to take over the possession of the entire assets of the respondent-Company i.e movable, immovable as well as Bank Accounts etc. The Official Liquidator is further directed to do the needful for winding up of the respondent-Company as provided under the Act. The Official Liquidator shall submit a report within a period of three months - Decided in favour of assessee.
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