BANSAL TRADING CO Vs. CHHATTAR INDUSTRIES LTD

JUDGEMENT

(1.) Company Petition No. 82 of 1998 has been filed by Bansal Trading Company with a prayer that Chhattar Industries Limited be ordered to be wound up as it is unable to pay its debt and even otherwise in the facts and circumstances of the case, it is equitable that the respondent-company should be wound up. In view of the circumstances stated hereinafter, it would not be necessary to go into the details giving rise to this petition.

(2.) It is suffice to note that notice why petition be not admitted was issued on April 16, 1998. The affidavit of publication by substituted service by insertion in the Tribune on July 13, 1998, has been filed in the court. However, in spite of service, nobody appears for the respondent company. Consequently, this petition was reserved for orders on July 23, 1998.

(3.) Company Petition No. 145 of 1998 came up for hearing and direction on July 16, 1998. This petition has been registered on the basis of the recommendation received from the Board for Industrial and Financial Reconstruction dated April 30, 1998, in respect of Chhattar Industries Limited, wherein it is recommended that it is just and equitable that Chhattar Industries Limited should be wound up and as such it has forwarded its recommendation to this court.