The appeals were dismissed by chief justice YK Sabrahwal and justice SH Kapadia who upheld the earlier order delivered on December 3 last.

ABCL was engaged in film production and bought cassettes and spools in 1997 for an estimated Rs 1 crore from Amson Audio Ltd, Impack Enterprises and MG Plastics (managed by the same group).

ABCL accepted the items but did not make the payment. When notice was sent by the companies, the company allegedly contended that the goods were not up to the mark but did not return them. The companies then filed winding up petitions in the high court which were accepted and kept for admission.

Meanwhile, ABCL approached the companies for settlement following which the account of MG Plasticsamounting to Rs 90 lakh was settled. ABCL offered to pay Rs 60 lakh towards final settlement of all the accounts.

ABCL paid Rs 30 lakh but refrained from paying the balance, counsel for the companies, Birendra Saraf, contended.

When the matter came up for admission on December 3 last, justice RM Lodha ordered ABCL to pay the balance of Rs 30 lakh within two months following which the petitions against it would be dismissed. He warned that failure to do so would result in following winding up procedure.