https://www.taxtmi.com/caselaws?id=96610 Petition for compulsory winding up under the Companies Act was decided on the commercial insolvency test: inability to pay present liabilities and no immediate assets or realistic prospect of resuming operations. Evidence showed aircraft destroyed/out of service, cessation of flying operations and technical staff, unpaid lease and creditor demands, non-compliance with statutory demand procedure, and failure to prepare or circulate required balance-sheets; correspondence did not create an enforceable subsidy. Applying the legal test, the petition was allowed and official liquidators were appointed to wind up the company. en-us Mon, 06 Mar 1933 00:00:00 +0530 Mon, 09 Jan 2012 17:09:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96610 Petition for compulsory winding up under the Companies Act was decided on the commercial insolvency test: inability to pay present liabilities and no immediate assets or realistic prospect of resuming operations. Evidence showed aircraft destroyed/out of service, cessation of flying operations and technical staff, unpaid lease and creditor demands, non-compliance with statutory demand procedure, and failure to prepare or circulate required balance-sheets; correspondence did not create an enforceable subsidy. Applying the legal test, the petition was allowed and official liquidators were appointed to wind up the company. Case-Laws Companies Law Mon, 06 Mar 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96610