Heard Mr.Navin K. Pahwa, learned advocate for Mrs.Sangeeta N. Pahwa, learned counsel for the petitioner. It is submitted that the respondent Company has failed to make the payment of Rs.1,76,80,000/- that is due and payable to the petitioner. The petitioner has issued a notice to the respondent dated 30.03.2011. A second, statutory notice dated 17.09.2011, has also been issued by the petitioner to the respondent Company that has been received by the respondent Company. However, the respondent has neither paid the amount due to the petitioner, nor has responded to the notice.
It is further submitted that the petitioner has learnt that the respondent Company has almost stopped its operations and is suffering huge business losses. That, as the respondent Company has lost substratum and become commercially insolvent and is unable to pay debts, it may be ordered to be wound up, in the interest of justice.
Issue Notice, returnable on 24.07.2012.
Ad-interim relief in terms of Paragraph-23(d), is granted till then.
(Smt.
Abhilasha Kumari, J.) rakesh/ Top