Winding up by court ‑ Petition for winding up ‑ Management to be asked about non‑payment of debts before approving presentation of petitions under sub‑section (5)
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Winding up petitions: require management confirmation of creditor complaints and present ability to meet liabilities before sanctioning. Regional Directors must not approve presentation of winding up petitions solely on account of historical accounts showing excess liabilities; they must ask company management whether creditors have complained about non payment, whether the company can meet current liabilities, and if so, how, to ensure the petition has a sound factual basis.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Winding up petitions: require management confirmation of creditor complaints and present ability to meet liabilities before sanctioning.
Regional Directors must not approve presentation of winding up petitions solely on account of historical accounts showing excess liabilities; they must ask company management whether creditors have complained about non payment, whether the company can meet current liabilities, and if so, how, to ensure the petition has a sound factual basis.
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