https://www.taxtmi.com/caselaws?id=98152 The court ruled in favor of the petitioner, a debenture-holder, allowing them to maintain the petition for winding up the company. The court found the company to be commercially insolvent based on its financial liabilities and failure to meet statutory obligations. Despite arguments for a new business scheme and asset sufficiency, the court ordered the winding up of the company, appointing an official liquidator to oversee the process. Costs were to be covered by the company's assets, with opposing creditors responsible for their own costs. en-us Wed, 22 Apr 1964 00:00:00 +0530 Thu, 19 Jan 2012 13:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98152 The court ruled in favor of the petitioner, a debenture-holder, allowing them to maintain the petition for winding up the company. The court found the company to be commercially insolvent based on its financial liabilities and failure to meet statutory obligations. Despite arguments for a new business scheme and asset sufficiency, the court ordered the winding up of the company, appointing an official liquidator to oversee the process. Costs were to be covered by the company's assets, with opposing creditors responsible for their own costs. Case-Laws Companies Law Wed, 22 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98152