https://www.taxtmi.com/caselaws?id=98222 Voluntary acceptance of dividend under a winding-up order can bar a later challenge where the benefit was taken under the very order attacked, the party had a real choice between inconsistent rights, and restitution would be impracticable because the company's business had ceased and the realised assets had already been distributed; on those facts, the appeal was not maintainable. The court also held that, on the materials including the banking regulator's report, liabilities exceeding realizable assets, and large unrecoverable advances, the bank was unable to pay its debts and the proposed scheme was unworkable; the winding-up order was therefore justified in law and on facts. en-us Tue, 16 Mar 1965 00:00:00 +0530 Thu, 19 Jan 2012 16:59:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98222 Voluntary acceptance of dividend under a winding-up order can bar a later challenge where the benefit was taken under the very order attacked, the party had a real choice between inconsistent rights, and restitution would be impracticable because the company's business had ceased and the realised assets had already been distributed; on those facts, the appeal was not maintainable. The court also held that, on the materials including the banking regulator's report, liabilities exceeding realizable assets, and large unrecoverable advances, the bank was unable to pay its debts and the proposed scheme was unworkable; the winding-up order was therefore justified in law and on facts. Case-Laws Companies Law Tue, 16 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98222