1. By the above Company Petition, the Petitioner – IDBI Trusteeship Services Ltd. seek winding up of the Respondent Company – Hubtown Ltd. (“the Company”) on the ground that the Company is deemed to be unable to pay its debts. The Company Petition is taken up for admission.

2. The Petitioner is a Company incorporated under the Companies Act, 1956 and is a Debenture Trustee of the debentures issued to Vinca Developers Pvt. Ltd. (“Vinca”) by Amazia Developers Pvt. Ltd. (“Amazia”) and Rubix Trading Pvt. Ltd. (“Rubix”). Amazia and Rubix are wholly owned subsidiaries of Vinca. The Company and its individual Promoters collectively own 90 per cent shareholding in Vinca.

3. Nederlandse Financierings – Maatschappiji Voor Ontwikkelingslanden N.V. (“FMO”) is a Corporation constituted under the Laws of Netherlands. FMO holds 10 per cent shareholding in Vinca. FMO also holds 3 Compulsorily Convertible Debentures (“CCDs”) issued by Vinca. The said three CCDs are convertible within a period of 60 months from December 2009. Upon such conversion, FMO will hold 90% shareholding in Vinca.

4. The investment made by FMO in Vinca in the form of three CCDs was used by Vinca to purchase Optiona