https://www.taxtmi.com/caselaws?id=96953 A sanctioned scheme of arrangement does not immunise a company from winding up where its implied obligation to pay creditors within a reasonable time is breached; courts will infer a reasonable time for payment when the scheme is silent. More than thirteen years without payments, progressive dissipation of assets, loss-making operations and inadequate realisation of debts supported a petition under winding-up provisions on just and equitable and statutory grounds, permitting a creditor bound by the scheme to seek winding up. The High Court concluded that continued operation of a breached scheme cannot prevent winding up and ordered liquidation with costs payable from company assets. en-us Mon, 17 Mar 1947 00:00:00 +0530 Fri, 13 Jan 2012 13:29:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96953 A sanctioned scheme of arrangement does not immunise a company from winding up where its implied obligation to pay creditors within a reasonable time is breached; courts will infer a reasonable time for payment when the scheme is silent. More than thirteen years without payments, progressive dissipation of assets, loss-making operations and inadequate realisation of debts supported a petition under winding-up provisions on just and equitable and statutory grounds, permitting a creditor bound by the scheme to seek winding up. The High Court concluded that continued operation of a breached scheme cannot prevent winding up and ordered liquidation with costs payable from company assets. Case-Laws Companies Law Mon, 17 Mar 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96953