MULRAJ T MORARJI Vs. STATE OF MAHARASTRA

JUDGEMENT

(1.) This is a winding-up petition based upon a debt in the sum of Rs. 800. Mr. Chagla, learned counsel for the company, has stated that the company does not dispute the debt but that it is presently unable to make the payment.

(2.) On 13th February, 1978, when this petition had reached hearing before me, Mr. Chagla applied for an adjournment on the ground that a new management had taken over the company as well as Centron Industrial Alliance Ltd., of which the company is a fully-owned subsidiary. The affidavit in support of that application, dated 10th February, 1978, asked for an adjournment for a period of four months or such other period as the court considered reasonable to enable the new management to place before the court the efforts made to revive the company. I had then adjourned the matter till to-day.

(3.) In support of the application now made for adjournment of the petition until the end of the year 1978, the company has filed the affidavit of one Murlidharan. It states that a feasibility report has been obtained on 5th April, 1978, in respect of restarting the company. The affidavit states that the United Western Bank Ltd. and SICOM have assured working finance to revive the company in the same manner in which they had aided Centron. The feasibility report dated 5th April, 1978, is made by two employees, technically qualified of Centron and SICOM. It state that to put the existing equipment of the company in working condition components have to be added; to place orders for these and to bring the existing machinery into running condition a period of four months is envisaged. The report states that the equipment required to commence production is estimated to cost Rs. 3.50 lakhs. This sum presumably is expected by the company to come from the coffers of SICOM and the United Western Bank.