TMI Blog1972 (6) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... em Planters Ltd., on the ground that the financial position of the company, as revealed from the balance-sheet, showed a deficit of Rs. 10,83,68-43 and the company was, therefore, unable to pay its debts. The petition was registered and numbered as Company Petition No. 6 of 1970. On April 20, 1970, notice was issued to the company by court's order and it appeared through Mr. B. S. Guha, the learned counsel. The case was adjourned on several dates at the instance of the learned counsel for the company. On July 27, 1971, the following order was passed by the learned single judge : "The learned Government Advocate on behalf of the Registrar of Companies submits that necessary formalities have all been complied with, including obtaining sanct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fit, direct notice to be given to the company before giving directions as to the advertisement of the petition". In the instant case no advertisement as required under rule 96 was either published or was directed to be published. Rule 99 reads as follows : "99. Advertisement of petition. Subject to any directions of the court, the petition shall be advertised within the time and in the manner provided by rule 24 of these Rules. The advertisement shall be in Form No. 48". Rule 24 reads as follows : "24. Advertisement of petition. (1) Where any petition is required to be advertised, it shall, unless the judge otherwise orders, or these Rules otherwise provide, be advertised not less than fourteen days before the date fixed for he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng up of a company under the order of the court, the High Court : ( i ) may issue notice to the company to show cause why the petition should not be admitted ( ii ) may admit the petition and fix a date for hearing and issue a notice to the company before giving directions about advertisement of the petition; or ( iii ) may admit the petition, fix the date of hearing of the petition, and order that the petition be advertised and direct that the petition be served upon the persons specified in the order. A petition for winding up cannot be placed for hearing before the court, unless the petition is advertised; that is clear from the terms of rule 24(2)". The law is well-settled that a petition for winding up of a company cannot be placed f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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