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2016 (12) TMI 627 - RAJASTHAN HIGH COURTWinding up petition - inability to pay debts - Held that:- From the facts and material on record, it is fully established that goods (HR Coils) were indeed supplied to the respondent-Company and admittedly receipted by it. Payment thereof by way of a cheque issued was not made for reason of the cheque being dishonoured. The respondent- Company vide letter dated 10-1-2013 undertook to make the requisite payment by 20-1-2013. The promised payment was not made. A debt thus obtained. As earlier held the said debt is not disputed on any substantial and bonafide grounds. The disputes to the debt due as raised in the reply to the winding up petition are a mere after thought and without substance. Aside of the aforesaid, in any event, admittedly goods receipted or part thereof retained was more than ₹ 1 lac. They were dishonestly not returned and instead disposed of in the market. The sale price was appropriated by the respondent company most dishonestly. The statutory notice under Section 432(1)(a) of the Act of 1956 was not replied to. The defence to the winding up petition is of no substance, wholly contrived, mere moonshine, a sham and not bonafide. On 27-5-2016, the respondent company was directed to file statement of affairs of the company. That has still not been filed. Thereafter vide order dated 16-9-2016 while deciding the application under Section 450 of the Act of 1956 the Official Liquidator attached to this court was appointed as provisional Liquidator of the respondent company with a direction to take possession of the assets, both movable and immovable, of the respondent company. The Official Liquidator was also authorised to exercise powers under section 457(1) of the Act of 1956. The respondent company was also directed to file statement of affairs of the company under pain of contempt. Even the said direction to file the state of affairs has again gone abegging. Thus the respondent company M/s. Shiv Mahima Ispat Private Limited is directed to be wound up. The Official Liquidator is appointed as the Liquidator of the respondent company under Section 448 of the 1956 Act. He shall take steps to take possession of the immovable and movable assets of the respondent company, if not so already done. The Directors of the respondent company are again directed to file statement of affairs of the respondent company before the Official Liquidator as statutorily required and also put on record their correct addresses.
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