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The High Court granted the liquidator six more months to complete winding up of Access Medical & Dialysis Centre Ltd, finding reasonable grounds for delay.
The High Court dismissed a winding up petition for non-compliance with statutory requirements, including lack of a special resolution, notice in the Gazette, and appointment of a liquidator.
The High Court ordered winding up of Vasso Agroventures Limited after finding unpaid debts, liabilities exceeding assets, and a serious deadlock between the only two directors.
The liquidator failed to perform his statutory duty to pay the sole creditor but the proper remedy is removal under Section 359 of the Companies Act, not civil imprisonment. The application for committal to civil prison is refused as the applicant did not pursue the specific statutory remedy available.
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The respondent's failure to pay the uncontested debt after statutory notice, and the sufficiency of advertisement in a widely circulated newspaper, justify the winding up order under Sections 280 and 281 of the Companies Act.
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The petition was dismissed for lack of locus standi because the special resolution authorizing the winding up was passed by directors, not by members, and the petition was presented in the name of the company rather than by the directors in their own names as required by law.
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The respondent's failure to file Form No. 365a constitutes an omission to disclose security, requiring surrender of the security for the general benefit of all creditors under Rule 170(1) of the Companies (Insolvency) Rules, 2005. The respondent did not apply for relief from this consequence, and thus must release the title deed to the liquidator.
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The breakdown in communication and management among directors, abandonment of company affairs, and failure to comply with statutory obligations make it just and equitable to wind up Azure Boutique Resort Limited under section 279(1)(e) of the Companies Act.
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Winding-up petition dismissed after the court found no genuine grounds and held the petitioner lacked clean hands in seeking equitable relief.
The petitioner has satisfied all statutory and procedural requirements for winding up under the Companies Act and Companies (Insolvency) Rules, including inability to pay debts, cessation of business, and proper advertisement of the petition. The grounds are sufficient to warrant a winding up order.
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