ORDER A.S. Bopanna , J.—The petitioner is before this Court in this petition filed under section 433(e) of the Companies Act praying that the respondent-company which is indebted to the petitioner be wound up, since they are commercially insolvent and they are unable to pay their debts. Heard the learned counsel for the petitioner and perused the petition papers. 2. The petitioner is stated to have sanctioned loan of Rs. 20,00,000 to the respondent and the same was disbursed of on 24-1-2007. The application submitted by the respondent for sanction of the loan is at Annexure-D to the petition. The respondent was required to repay the amount in 36 equal monthly installments of Rs. 70,320. An agreement in that regard is also entered into between the parties as at Annexure-E to the petition. Though certain payments were made by the respondents, they had defaulted in paying the monthly installments regularly, interest had, therefore, accured and as such, the amount repayable had amounted to a sum of Rs. 12,75,699-03. The petitioner therefore, got issued a statutory notice dated 16-12-2009 as per Annexure-G. The respondents though received the said notice, did not reply the same nor did they repay the amount. It is in that circumstance, the petitioner has approached this Court. 3. This Court on considering the prima facie material has by the order dated 18-1-2012 admitted the petition and directed publication of the admission of the petition in the newspaper. The petitioner company has published the same. Despite the same, the respondents have not appeared before this Court and disputed the claim made either in the petition or in the statutory notice. No other person has also opposed the petition. Even prior to admission, they have not thought it fit to appear before this Court, despite service. Therefore, keeping these aspects in view and noticing the fact that the petitioner had advanced the loan under a loan agreement and the amount was repayable in terms thereof and since the respondents have not disputed the claim, it is evident that the respondents are not in a position to discharge their liability and there is negligence to pay the amount which is due to the petitioner. Therefore, the respondent company is liable to be wound up so as to enable the Official Liquidator to take charge of the assets and recover the amounts. Hence the following; ORDER (i) The petition is allowed. Therefore, the respondent company is liable to be wound up so as to enable the Official Liquidator to take charge of the assets and recover the amounts. Hence the following; ORDER (i) The petition is allowed. (ii) The Official Liquidator attached to this Court is appointed as liquidator, who shall take charge of the assets of the respondent-company and take further proceedings in accordance with law. (iii) The petitioner shall deposit a sum of Rs. 50,000 with the Official Liquidator in four weeks as initial expenses towards liquidation. (iv) The petitioner shall also take out paper publication of the winding up order made by this Court in The Hindu' English newspaper and 'Vijaya Karnataka' Kannada newspaper.