https://www.taxtmi.com/caselaws?id=97638 Commercial insolvency and loss of substratum justified winding up where the bank had ceased new business, could not meet current demands, had no reasonable prospect of profitability, and continued operations would increase losses. Balance-sheet asset surplus did not displace the commercial solvency test, which included contingent and prospective liabilities. Procedural objections failed because the petition substantially complied with prescribed requirements, curable irregularities did not invalidate it, and current-account balances constituted recoverable debts; inability to pay could also be established independently of a demand. The Tripura Administration had standing as the real creditor, and the bank was ordered to be wound up with an official liquidator appointed. en-us Fri, 09 Jan 1959 00:00:00 +0530 Tue, 17 Jan 2012 15:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97638 Commercial insolvency and loss of substratum justified winding up where the bank had ceased new business, could not meet current demands, had no reasonable prospect of profitability, and continued operations would increase losses. Balance-sheet asset surplus did not displace the commercial solvency test, which included contingent and prospective liabilities. Procedural objections failed because the petition substantially complied with prescribed requirements, curable irregularities did not invalidate it, and current-account balances constituted recoverable debts; inability to pay could also be established independently of a demand. The Tripura Administration had standing as the real creditor, and the bank was ordered to be wound up with an official liquidator appointed. Case-Laws Companies Law Fri, 09 Jan 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97638