2004 (2) TMI 350

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..... Company Petition filed under section 433(e) and (f) of the Companies Act seeking winding up of the respondent-company known as G.M. Mittal Stainless Steels Ltd. The winding up is sought essentially on the ground that respondent company is unable to pay admitted debt of the petitioner company to the tune of Rs. 16,17,790 despite repeated demand made by the petitioner company as contemplated under .....

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..... he record of the case I am of the considered opinion that the petitioner has made out a case for winding up of respondent company within the meaning of section 433(e) of the Act. 4. It is not in dispute that this court admitted this petition on 16-4-1999 and further directed advertisement of the petition in terms of the Company Court Rules. It is now a matter of record that even prior to advertis .....

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..... rounds for revival of business itself indicate that respondent company is unable to pay/liquidate any of the debts. 6. When there is no business activity, when there are huge outstanding dues payable by the company and yet company has not submitted any proposal muchless viable proposal for its repayment; there is a prima facie case established for winding up of the company. In fact it is a case w .....

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