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of <h1>Winding up petition can be maintained even if debt is time-barred</h1> <h3>Diwan Chand Kapoor Versus New Rialto Cinema (P.) Ltd.</h3> The High Court of Delhi allowed the appeal in a case where a company petition was dismissed due to the debt being time-barred. The court ruled that a ... Circumstances in which a company may be wound up, Winding up - Company when deemed unable to pay its debts The High Court of Delhi allowed the appeal in a case where a company petition was dismissed because the debt had become time-barred. The court held that a petition for winding up remains maintainable even if the debt is time-barred at the time of the order. The court can still grant relief based on the facts of the case. No costs were awarded in this decision. (Case citation: 1985 (12) TMI 315 - HIGH COURT OF DELHI)
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