9911796707
TMI Blog2015 (8) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... re admitted by orders of May 16, 2014 and June 3, 2014, respectively. Both petitions were admitted for the principal sums of Rs. 60 lakh together with interest at the rate of 8% per annum from the dates of issuance of the statutory notices. 2. In CP No. 197 of 2014, the company was afforded an opportunity to pay off the admitted debt in ten equal monthly instalments, beginning May 30, 2014. In CP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withheld by Sananda TV and the company is pursuing such claim. 4. According to the company, it has several workers and other employees and its prospects are good. The company says that it would be prejudicial to the interests of several persons whose livelihood depend on the company if the company were to be wound up. 5. The company has also relied on its annual accounts for the year ended March ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or other person has appeared to oppose the winding-up of the company. The company has not been able to garner support from its body of creditors that the company should not be sent to liquidation. 8. The grounds that have been made out in the company's affidavit at the post-advertisement stage lead to the inescapable inference that the company is insolvent and is unable to pay its debts. Unl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he provisions of the Companies Act, 1956. The Official Liquidator will forthwith take possession of all books, records, documents and assets of the company now in liquidation and take immediate control of all its transactions. 11. The petitioners will cause a gist of this order to be published in the same newspapers wherein the petition had been advertised. The advertisement costs will come out f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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