USHA MEHRA ( 1 ) THE petition has been presented by M/s. B. Shahab-ud-Din and Co. under Section 433, 434 and 439 of the Companies Act (hereinafter called the act ) seeking winding up of M/s. Natraj Woolen Mills Pvt. Ltd. (for short the company .) ( 2 ) IN this petition, it has been averred that the company has huge liabilities which it is unable to meet. The company is in a very bad financial condition and it is understood that its directors are secretly trying to dispose of its assets to deprive its unsecured debtors including the petitioners. The company is heavily indebted to Union Bank of India and Haryana Financial Corporation. The company s paid up capital is only Rs. 1. 52 lacs whereas it is debted to the financial insitution for more than Rs. 30. 00 lacs. It has also been averred that the company has not been doing any business since the last more than few years. The petition was admitted to hearing vide order dated 19th October, 1992. The citation as per the direction of the court was published. But even after notice no opposition was filed by any one. On the other hand, the creditors have supported the petition. It may also be mentioned that after the publication of the citation in the newspaper as well as in the Delhi Gazette the respondent company did not appear nor filed any reply. Since the respondent company has failed to discharge its debts and liabilities, it clearly depicts the bad financial status of the company. From the evidence which has come on record, I am of the view that the company is financially in poor condition and is not in a position to pay its debts. I am satisfied that it is just and equitable to direct the winding up of the company. It is ordered accordingly. Let a formal order be drawn by the office. Steps be taken by the petitioner in accordance with law for publication of winding up order and filing of the same with Registrar of companies. The official liquidator attached to this court is appointed the liquidator with direction to take charge of all the assets of the respondent company forthwith. ( 3 ) THE company petition stand disposed.