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Arula Investment Company Limited\cell }\pard \s19\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\tqc\tx4680\tqr\tx9360\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\b\f175\fs16\insrsid10571546\charrsid10571546 Winding Up Action No.  HBF 285 of 2005}{
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\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 IN THE HIGH COURT OF FIJI
\par AT LAUTOKA
\par CIVIL JURISDICTION
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 WINDING-UP ACTION NO. HBF 285 OF 2005
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Re: ARULA INVESTMENT COMPANY LIMITED
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 DEFENDANT
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Before}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 : Master Anare Tuilevuka
\par 
\par }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Counsels}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 : Mr. Faiz Khan for Sherani & Co. (Petitioner)
\par Mr. Shalen Krishna for H.A Shah (Respondent)
\par 
\par }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Date of Hearing}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 : 26th March 2010
\par 
\par }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Date of Ruling}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 : (Oral Ruling Delivered on 31st March 2010).
\par Written Ruling circulated on 09th April 2010.
\par 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 RULING
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\par }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 BACKGROUND
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 1. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 This is an opposed Winding-Up petition. The facts are not in dispute. On the 29th of July 2008 in the Hi
gh Court of Fiji at Lautoka, a Consent Judgement in favour of Credit Corporation (Fiji) Limited ("}{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 ") - 
the Petitioning Creditor - was entered against the Debtor Company, Arula Investment Company Limited ("}{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 "
) in the sum of $150,000 in }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 HBC014 of 2002}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 .}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 2. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 The judgment sum has remained outstanding to this date. That judgement sum
 is the debt alleged in the Winding Up proceedings now before me.}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 3. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 On the 19th of March 2009, }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  served on }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  
at its registered office a three \endash  week Notice dated 16th of March 2009 calling on }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  
to pay up the judgement debt together with interest therein at the rate of 4% per annum from the date of judgement until full payment.
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 4. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 When }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  failed to comply with the Notice, }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  then presented (on 28th September 2009) the Winding Up Petition that is now before me. This was followed by the }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Affidavit Verifying Petition}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  filed on 06th October 2009. Thereafter, various Notices of Intention
 to Appear and Support Petition were filed by the following alleged Creditors:
\par 
\par }\trowd \irow0\irowband0\ts11\trgaph108\trleft612\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid14168422\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \clshdng1000\cltxlrtb\clftsWidth3\clwWidth381\clshdngraw1000 \cellx1188\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\clshdng1000\cltxlrtb\clftsWidth3\clwWidth5523\clshdngraw1000 \cellx6572\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\clshdng1000\cltxlrtb\clftsWidth3\clwWidth2952\clshdngraw1000 \cellx9468\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 \cell 
\par }\pard \qc \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Supporting Creditor\cell }\pard 
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }\pard \qc \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Debt Alleged
\par }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 \cell }\pard 
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 \trowd \irow0\irowband0\ts11\trgaph108\trleft612\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl
\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid14168422\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \clshdng1000\cltxlrtb\clftsWidth3\clwWidth381\clshdngraw1000 \cellx1188\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\clshdng1000\cltxlrtb\clftsWidth3\clwWidth5523\clshdngraw1000 \cellx6572\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\clshdng1000\cltxlrtb\clftsWidth3\clwWidth2952\clshdngraw1000 \cellx9468\row }\trowd \irow1\irowband1\ts11\trgaph108\trleft612\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid14168422\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl
\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth381\clshdrawnil \cellx1188\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth5523\clshdrawnil \cellx6572\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\cltxlrtb\clftsWidth3\clwWidth2952\clshdrawnil \cellx9468\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 (i)\cell 
Merchant Finance & Investment Company\cell $ 3,907.76
\par \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 \trowd \irow1\irowband1\ts11\trgaph108\trleft612\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl
\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid14168422\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth381\clshdrawnil \cellx1188\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\cltxlrtb\clftsWidth3\clwWidth5523\clshdrawnil \cellx6572\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2952\clshdrawnil \cellx9468\row 
}\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 (ii)\cell Shell Bridge Service Station \cell $75,122.30
\par \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 \trowd \irow2\irowband2\ts11\trgaph108\trleft612\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl
\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid14168422\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth381\clshdrawnil \cellx1188\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\cltxlrtb\clftsWidth3\clwWidth5523\clshdrawnil \cellx6572\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2952\clshdrawnil \cellx9468\row 
}\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 (iii)\cell TPAF \cell $ 8,640.76
\par \cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 \trowd \irow3\irowband3\lastrow \ts11\trgaph108\trleft612\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl
\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid14168422\tbllkhdrrows\tbllkhdrcols \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth381\clshdrawnil \cellx1188\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 
\cltxlrtb\clftsWidth3\clwWidth5523\clshdrawnil \cellx6572\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2952\clshdrawnil \cellx9468\row 
}\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 5. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 The }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Memorandum of Due Compliance}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  filed on 05th November 2009 had annexed to it evidence that the Petition was duly advertised once in the }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
Fiji Times}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  on 9th October 2009 and once in the }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Gazette}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  also on Friday 9th October 2009. 
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 6. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 The }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Affidavit in Opposition of Ch
andish Arun Prasad}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  was filed on 22nd December 2009. His Affidavit does not deny the judgment debt. Prasad deposes though that }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  only consented to judgment on the understanding that }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  would give it time to the end of June 2010 to pay it off. When the consent judgment
 was entered in July 2008, }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  had been negotiating with various foreign investors to enter into a }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 joint venture enterprise}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  with it on its logging and sawmilling business. According to Prasad, the reason why 
}{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  consented to judgment was because it felt that the pendency of }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 HBC014 of 2002}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  (on which consent judgement was entered) might hinder its negotiations. He says that }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  understood that }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  would not take any further proceedings to enforce the consent judgement until negotiations were closed. Since then, according to Prasad, }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  has taken its negotiations with foreign investors to an advanced stage. He annexes various 
letter and e-mail correspondences which seem to confirm some on-going negotiations. 
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 7. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Prasad deposes also that }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL\rquote s}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  business has been valued by some New Zealand Professional Valuers at USD$15.1 million and that its assets far exceed the debt in question. Hence, }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  is able to pay its debts. According to Prasad, the only reason why }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  has not settled the debt is because of its on-going negotiations. 
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 8. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 The }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Affidavit in Reply of Neelam Kavita Sharma}
{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  deposes that the Consent Judgement was stayed for 6 months from 29h July 2008 to 29th January 2009. She denies that }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  ever gave an undertaking to }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  to stay execution up to the end of June 2010. According to her, the }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 six-month stay on execution}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  was granted to give time to }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  
to sell its business and its assets and then settle the judgment debt from proceeds thereof. She highlights that it is
 now eighteen months since the consent judgment was entered and no attempt has been made to settle the debt. She says the Company is not operating and is clearly insolvent.
\par 
\par }{\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 ANALYSIS
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 9. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 A company may be wound-up if it is unable to pay its debt (section 220 (e
)) and the circumstances are such that it is just and equitable to wind-up the company. In this case, the consent judgement and the resulting judgement debt is not in dispute. 
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 10. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 I accept the evidence of Neelam Kavita Sharma that }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  did at no time agree to extend the time for settlement of the judgment debt to 30th June 2010.
 The Court records show that consent to stay execution was only granted for six months only. That means that the judgment debt was due and payable on 29th January 2009. The Winding Up Petition in this case was not presented until 28th September 2009.
 Between the 29th of January 2009 and 28th September 2009, }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  had made no attempt to settle its debt.

\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 11. }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL\rquote s}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  
insolvency and inability to pay its debt is clearly shown by the fact that 18 months after the consent judgment was entered, and more than 12 months after the judgment sum had become due and payable, it was still seeking
 an extension and had even boldly caused an affidavit to be sworn that }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  had agreed to it.
 As I have stated above \endash  I do not accept that as the truth.
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 12. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Mr. Krishna who appeared on instructions, argued that it would not be just and equitable to wind up }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  at this stage when it is (allegedly) 
on the verge of a breakthrough in its negotiations with some foreign investors about its sale and purchase or about some proposed joint venture and in particular \endash  when its assets far exceed its liability. 
\par 
\par 13. On the above point, I accept Mr. Khan\rquote s submission that the evidence in the Affidavit is not sufficient to show a definite commitment by any particular foreign investor on going into a joint venture with }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  on its local operations. 
\par 
\par Furthermore, the eighteen months that has lapsed since the consent judgment was entered is in my view more than enough time suffered by }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL }{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 in being denied its entitlement to the fruits of its litigation in }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 HBC014 of 2002}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 . 
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 14. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 In any event, the cases of }{\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
Re National Funds Assurance Co}{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 . (1876), 24 W.R. 1066; 10 Digest 1080}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  and }{
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Re European Life Assurance Society}{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  (1869), L. R. 9 Eq. 122; 10 Digest 819, 5335}{
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 \chftn {\footnote \pard\plain \s16\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 \f37\fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
{\cs18\super\insrsid5468774 \chftn }{\insrsid5468774  }{\lang5129\langfe1033\langnp5129\insrsid5468774 See reference to these cases in Halsbury\rquote s Laws of England , 1949 Edition, Volume 5 at page 607.}} are authority that a company ( othe
r than a life assurance company) may be wound up on the ground of inability to pay its debt when it is commercially insolvent, namely, unable to pay its debts as they become due, although its assets when r
ealized, including uncalled capital, exceed its liabilities.
\par 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 15. }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 The evidence in this case is strongly that }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  is commercially insolvent and unable to pay its judgment debt.
\par 
\par }{\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 ORDERS
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 16. }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 AICL}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  is
 to be wound up under the provisions of the }{\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Companies Act (Cap 247). AICL\rquote s}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  is ordered to pay }{
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 CCL\rquote s}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774  costs which I summarily assess at $1,000 -00 (one thousand dollars).
\par 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 Anare Tuilevuka
\par MASTER
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5468774 {\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774 
\par }{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5468774\charrsid5468774 09th April 2010.}{\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1972231\charrsid5468774 
\par }}