https://www.taxtmi.com/caselaws?id=97894 Foreign creditors of a company incorporated outside India and wound up in India as an unregistered company were entitled to prove their debts because the Companies Act, 1913 drew no distinction between Indian and foreign creditors for winding-up purposes. The statutory scheme treated the Indian liquidation as ancillary to the winding up of the company itself, and required pari passu satisfaction of liabilities and admission of claims against the company. On that basis, debts owed outside India or connected with the foreign business did not exclude proof, and the objection to the foreign creditors' claims was rejected. en-us Mon, 06 Nov 1961 00:00:00 +0530 Wed, 08 Jul 2015 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97894 Foreign creditors of a company incorporated outside India and wound up in India as an unregistered company were entitled to prove their debts because the Companies Act, 1913 drew no distinction between Indian and foreign creditors for winding-up purposes. The statutory scheme treated the Indian liquidation as ancillary to the winding up of the company itself, and required pari passu satisfaction of liabilities and admission of claims against the company. On that basis, debts owed outside India or connected with the foreign business did not exclude proof, and the objection to the foreign creditors' claims was rejected. Case-Laws Companies Law Mon, 06 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97894