https://www.taxtmi.com/caselaws?id=97306 An adjournment made after hearing on merits that postpones determination affects parties' rights and is appealable under Section 202; the HC held that only purely procedural orders not affecting rights fall outside the statutory appeal right and set aside the adjournment. On the merits the admitted facts showed liabilities exceeding realizable assets, absence of rescue prospects, prolonged employee non payment and disappearance of the company's substratum; the court applied commercial insolvency and just and equitable winding up principles, allowed the appeal, ordered winding up, appointed the official liquidator and permitted substitution of a nominated creditor as petitioner. en-us Fri, 17 Dec 1954 00:00:00 +0530 Mon, 16 Jan 2012 12:22:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97306 An adjournment made after hearing on merits that postpones determination affects parties' rights and is appealable under Section 202; the HC held that only purely procedural orders not affecting rights fall outside the statutory appeal right and set aside the adjournment. On the merits the admitted facts showed liabilities exceeding realizable assets, absence of rescue prospects, prolonged employee non payment and disappearance of the company's substratum; the court applied commercial insolvency and just and equitable winding up principles, allowed the appeal, ordered winding up, appointed the official liquidator and permitted substitution of a nominated creditor as petitioner. Case-Laws Companies Law Fri, 17 Dec 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97306