https://www.taxtmi.com/caselaws?id=98066 A claim for managing director remuneration was not shown to have been validly waived, because correspondence and prior conduct did not prove a clear and voluntary relinquishment of the later claim. The remuneration was treated as salary payable month by month, so the claim was subject to the limitation rules for salary and wages; the alleged acknowledgments did not save limitation, and the claim was time-barred when the winding-up petition was filed. A company is not proved unable to pay its debts merely because liabilities exceed assets; absent evidence that it could not meet liabilities as they fell due, compulsory winding up on insolvency was not justified. en-us Fri, 20 Sep 1963 00:00:00 +0530 Thu, 19 Jan 2012 11:04:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98066 A claim for managing director remuneration was not shown to have been validly waived, because correspondence and prior conduct did not prove a clear and voluntary relinquishment of the later claim. The remuneration was treated as salary payable month by month, so the claim was subject to the limitation rules for salary and wages; the alleged acknowledgments did not save limitation, and the claim was time-barred when the winding-up petition was filed. A company is not proved unable to pay its debts merely because liabilities exceed assets; absent evidence that it could not meet liabilities as they fell due, compulsory winding up on insolvency was not justified. Case-Laws Companies Law Fri, 20 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98066