TMI Blog1997 (11) TMI 427X X X X Extracts X X X X X X X X Extracts X X X X ..... Gopala Hegde for the Respondent. JUDGMENT The petitioner is one of the shareholders of the respondent-company holding ten equity shares of Rs. 1,000 each. She has filed the present application under section 433( e ) and 433( f ) of the Companies Act, 1956 (in short, "the Act"), for winding up of the respondent-company, namely, Combined Power and Energy Systems (P.) Ltd., inter alia, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has no assets and its liabilities are far in excess of its assets. Further, though the outstanding dues of the company are of more than Rs. 10 lakhs but the company is unable to pay its debts. Workers also remained unpaid for the work done by them and, therefore, out of disgust they have taken away the assets available at the premises of the company to appropriate against their wages and salarie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and equitable" clause, "the decisive question must be the question whether at the date of the presentation of the winding-up petition there is any reasonable hope that the object of trading at a profit, with a view to which the company is formed, can be attained." In the case of Cine Industries and Recording Co. Ltd., In re [1942] 12 Comp Cas 215, 224 ; AIR 1942 Bom 23, Chagla J. referred to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Cas 5 has held that : "It is well-settled law both in England and our country that where the substratum of the company has gone or its only business has become impossible, the court would consider it just and equitable to wind up such company." For the said reasons, we have no option but to direct for the winding up of the respondent-company. The official liquidator shall take charge of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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