https://www.taxtmi.com/caselaws?id=98177 A fully paid-up shareholder, as a contributory, may present a winding-up petition under the Companies Act, 1956, and the absence of surplus assets does not make the petition incompetent. However, such status gives no automatic entitlement to a winding-up order, and the petitioner must show a real, bona fide basis for relief. The claimed debt was not proved to be due to the petitioners because the amount had been transferred to another person, so the inability-to-pay-debts ground failed. Commercial insolvency, substratum failure, mismanagement, and deadlock were also not established on the evidence, and the court declined to exercise its discretion for compulsory winding up. en-us Wed, 09 Dec 1964 00:00:00 +0530 Thu, 19 Jan 2012 15:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98177 A fully paid-up shareholder, as a contributory, may present a winding-up petition under the Companies Act, 1956, and the absence of surplus assets does not make the petition incompetent. However, such status gives no automatic entitlement to a winding-up order, and the petitioner must show a real, bona fide basis for relief. The claimed debt was not proved to be due to the petitioners because the amount had been transferred to another person, so the inability-to-pay-debts ground failed. Commercial insolvency, substratum failure, mismanagement, and deadlock were also not established on the evidence, and the court declined to exercise its discretion for compulsory winding up. Case-Laws Companies Law Wed, 09 Dec 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98177