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2016 (9) TMI 1081 - HC - Companies LawWinding up petition - Held that:- If the company is unable to pay its debt, does not necessarily entitle the Court to order winding up of the company as the discretion to pass such an order, even in the case of the inability of a company to pay its debt, is by Section 433 vested in the Court and that discretion has to be exercised judiciously. While exercising the judicial discretion, apart from the non-availability of entire facts regarding the assets and liabilities of the current business of the company, it is also to be seen that in the stay application the company made a statement that an amount of ₹ 75,65,998/- has already been paid to the State Government, therefore, it is not a fit case where this Court should exercise its judicial discretion to proceed further in the company petition to direct publication or to appoint the provisional liquidator. As a sequel, the instant winding up petition (company petition) is liable to be and is hereby dismissed.
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