https://www.taxtmi.com/caselaws?id=97638 In winding-up proceedings, the decisive test is commercial insolvency and loss of substratum rather than a mere balance-sheet surplus. The note states that procedural irregularities and defects in the demand notice do not necessarily defeat the petition where the filing substantially complies with the prescribed requirements and insolvency is otherwise shown under section 434(c) of the Companies Act, 1956. It also explains that a bank may be wound up on just and equitable grounds where it has ceased new business, cannot meet current demands, and has no reasonable prospect of returning to profit. Locus standi is treated as available to a real creditor, and current-account monies of the Union Territory administration are not treated as Central Government funds merely because of constitutional changes. 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 In winding-up proceedings, the decisive test is commercial insolvency and loss of substratum rather than a mere balance-sheet surplus. The note states that procedural irregularities and defects in the demand notice do not necessarily defeat the petition where the filing substantially complies with the prescribed requirements and insolvency is otherwise shown under section 434(c) of the Companies Act, 1956. It also explains that a bank may be wound up on just and equitable grounds where it has ceased new business, cannot meet current demands, and has no reasonable prospect of returning to profit. Locus standi is treated as available to a real creditor, and current-account monies of the Union Territory administration are not treated as Central Government funds merely because of constitutional changes. Case-Laws Companies Law Fri, 09 Jan 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97638