Court orders winding up of Standard Industrial Solutions

Commercial High Court of Colombo by its order of 18 June ordered the winding-up of Standard Industrial Solutions. Order was sequel to an application made by Equity Investments Lanka Ltd., a shareholder of Standard Industrial Solutions. Previously, Equill sought and obtained interim orders preventing a proposed Extraordinary General Meeting of the shareholders of the Standard Industrial Solutions and passing of a resolution to authorise the directors of the Company to sell its assets including its plant and machinery. 

Consequent to the inquiry, Commercial High Court Judge Ruwan Fernando held that the Standard Industrial Solutions is unable to pay its debts and accordingly ordered the company to be wound up. 

Avindra Rodrigo with Kasuni Jayaweera instructed by FJ & G de Saram appeared for the Petitioner.