Company unable to pay debt/tax to Government Judicial discretion to direct winding up should not be exercised

1. This petition for winding up has been preferred by the company itself without referring to the relevant clause of Section 433 of the Companies Act, 1956 (‘the Act’ in short), however, in course of argument it was informed that the petition is under Section 433 (e) of the Act.

2. The petition, only in two pages, states that the nominal capital of the company is Rs.3.50 crores, divided into 35 lac shares of Rs. 10/- each having been constituted for carrying on the business of assemblers, importers, exporters, buye

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