https://www.taxtmi.com/caselaws?id=98251 The court dismissed the petition for winding up the company, as it found no justification to continue pressing the petition after the company presented improved balance-sheets in 1964 and 1965. The evidence showed that the company was profitable, satisfying its creditors, and commercially solvent, able to meet its liabilities. The court emphasized that a company having liabilities exceeding assets does not necessarily mean it is unable to pay debts. Costs were awarded to the Registrar only for the stamp duty paid on the petition. en-us Tue, 28 Sep 1965 00:00:00 +0530 Thu, 19 Jan 2012 17:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98251 The court dismissed the petition for winding up the company, as it found no justification to continue pressing the petition after the company presented improved balance-sheets in 1964 and 1965. The evidence showed that the company was profitable, satisfying its creditors, and commercially solvent, able to meet its liabilities. The court emphasized that a company having liabilities exceeding assets does not necessarily mean it is unable to pay debts. Costs were awarded to the Registrar only for the stamp duty paid on the petition. Case-Laws Companies Law Tue, 28 Sep 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98251