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2018 (8) TMI 506 - HC - Companies LawWinding up petition - Non payment of dues - Held that:- In the present case, the petitioner had issued a notice to the Company demanding the dues, which has been duly served on the Company and despite that, the Company has neglected to pay the sum or to secure or compound it, within the meaning of Section 434 of the Act. As further appears from the independent Auditors Report dated 04.09.2017 that the Company is a loss making Company and that there is erosion of the capital of the Company and there is mismatch of the assets and liabilities of the Company, in as much as, the liability exceeds the assets. It is submitted that it is otherwise not in public interest that the Company continues its operations. Having regard to the fact that the Company, inspite of the notice, has neglected to pay the outstanding dues or to secure or compound for it to the reasonable satisfaction of the petitioner, within the meaning of Section 434 (1) (a) of the Act, the Company would be “deemed to be unable to pay its debts”. In that view of the matter, the Company is liable to be wound up under Section 433 (e) of the Act.
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