SIEMENS AKTIENGASELLSCHAFT Vs. JMD MEDICARE LTD.

JUDGEMENT

(1.) THIS petition has appeared after admission. The order of admission was appealed against and the appeal was withdrawn. Advertisements have been issued, but no other person has come up either to support or to oppose the petition for winding up of the company.

(2.) THE order of admission was passed on July 7, 2005. The court was prima facie satisfied that the company was unable to pay its debts and that the claim of the petitioner was indisputable. The petition was admitted for euro 786, 306 with interest at the rate of 6.5 per cent, per annum from September 8, 2003. The company was afforded an opportunity to pay off the entire amount, inclusive of interest in 48 equal monthly instalments beginning from August 1, 2005.

(3.) IN the company's affidavit at this second stage, it admitted having pur -chased a Magnetom Harmony Magnetic Resonance Imaging (MRI) System at an original price of DM 2,100,000. Such equipment, according to the company, was a sophisticated piece of machinery and was the first of its kind in the city. The company received the equipment in the beginning of September 1998 and it was tested on January 5, 1999, and churned out its first image on January 15, 1999. According to the company, there were initial problems and the equipment was ready for regular use only in June 1999. The initial schedule of payments was, thus, required to be reworked. A letter of July 24, 1999, has been relied upon by which the payment was requested to be rescheduled.