https://www.taxtmi.com/caselaws?id=97048 Provisional liquidation is an exceptional remedy and ordinarily requires creditor initiation or company consent; it should be ordered only where clear fraud, irreparable harm, or inability to pay debts is established on evidence sufficient to justify the serious consequences. Affidavit allegations of misuse or inefficient management were insufficient to prove fraud; threatened creditor enforcement had not progressed to show insolvency; managerial deadlock appeared likely resolvable by litigation or shareholder action. Abandonment of an expansion project may support a winding-up petition but did not justify provisional liquidation; the application for a provisional liquidator was dismissed. en-us Thu, 22 Dec 1949 00:00:00 +0530 Fri, 13 Jan 2012 17:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97048 Provisional liquidation is an exceptional remedy and ordinarily requires creditor initiation or company consent; it should be ordered only where clear fraud, irreparable harm, or inability to pay debts is established on evidence sufficient to justify the serious consequences. Affidavit allegations of misuse or inefficient management were insufficient to prove fraud; threatened creditor enforcement had not progressed to show insolvency; managerial deadlock appeared likely resolvable by litigation or shareholder action. Abandonment of an expansion project may support a winding-up petition but did not justify provisional liquidation; the application for a provisional liquidator was dismissed. Case-Laws Companies Law Thu, 22 Dec 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97048