https://www.taxtmi.com/caselaws?id=97193 Sanction validity for a winding-up petition requires the sanctioning authority to have considered the facts on which the petition is founded; where subsequent or materially different balance-sheets were not placed before the authority, and the petition is presented after an unreasonable delay, the earlier sanction will not be treated as valid. On merits, subsequent profitable trading, creditor waivers, a contingent tax claim, and realistic export prospects justified denying a winding-up order and permitting the company an opportunity to trade for a year or two, with the Registrar directed to monitor financial progress and intervene if necessary. en-us Thu, 18 Sep 1952 00:00:00 +0530 Sat, 14 Jan 2012 13:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97193 Sanction validity for a winding-up petition requires the sanctioning authority to have considered the facts on which the petition is founded; where subsequent or materially different balance-sheets were not placed before the authority, and the petition is presented after an unreasonable delay, the earlier sanction will not be treated as valid. On merits, subsequent profitable trading, creditor waivers, a contingent tax claim, and realistic export prospects justified denying a winding-up order and permitting the company an opportunity to trade for a year or two, with the Registrar directed to monitor financial progress and intervene if necessary. Case-Laws Companies Law Thu, 18 Sep 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97193