Sunil Ambwani, J. - (1.) This creditors-winding up petition has been filed by Banaras Beads Limited, A-1, Industrial Estate, Varanasi, to wind up Prashant Glass Works Private Limited, with its registered office at Motiwala Industrial Estate, P. O. Bhullanpur PAC, Varanasi, on the averments that the respondent-company has not paid Rs. 1,92,670 in spite of the demand notice dated May 19, 2000, under Section 434(1)(a) of the Companies Act, 1956, served upon the registered office of the company to which no reply was sent, and thus raising the presumption that the respondent-company is unable to pay its dues.
(2.) Notices were issued on July 11, 2000, to the respondent-company to file objections, if any, and a restraint order was passed directing that the respondent-company shall not transfer its immovable property without permission of the court. A counter affidavit of Sri S.N. Garg, authorised signatory of the respondent-company has been filed through Sri Vipin Sinha, advocate. A rejoinder affidavit has also been filed.
(3.) I have heard Sri R.P. Agarwal, learned counsel for the petitioner-company, and Sri Navin Sinha, senior advocate, assisted by Sri Vipin Sinha, for the respondent-company.;