I.A. Ansari, J.

1. The appellant, a private limited company, was, originally, incorporated, under the Companies Act, 1930, and is, therefore, an "existing company" within the meaning of the provisions of the Companies Act, 1956. The appellant-company is in the business of manufacture and sale of tea and owns a tea estate, which is run under the name and style of Radhabari Tea Estate, situated in the district of Golaghat, Assam (hereinafter referred to as the "appellant's tea estate"). For the last few years, the appellant's tea estate ran into losses. Consequently, the appellant's tea estate has not been able to make payment of its various dues, such as, electricity dues, creditors' dues, statutory levies as well as demands from the financial institutions. The electricity supply to the said tea estate stands disconnected since the year 2007 and the appellant's-bank has also declared the appellant-company as a non-performing asset and has accordingly initiated proceedings against the appellant-company in the Debts Recovery Tribunal, Guwahati.

2. On the ground that the financial condition of the appellant-company did not make it feasible for the appellant-company to run its bus