https://www.taxtmi.com/caselaws?id=98524 The appeal against the winding-up order of the appellant company, Sri Shanmugar Mills Ltd., was dismissed as the court found the company commercially insolvent, unable to pay its debts without ceasing operations. Post-winding-up, a compromise allowed creditors to be paid off by a partnership leasing the mills. Despite arguments for creditworthiness, the court upheld the winding-up order, emphasizing the need for a viable reconstruction scheme for any future stay applications. The appellant was directed to pay costs from the company's funds. en-us Thu, 14 Mar 1968 00:00:00 +0530 Fri, 20 Jan 2012 18:41:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98524 The appeal against the winding-up order of the appellant company, Sri Shanmugar Mills Ltd., was dismissed as the court found the company commercially insolvent, unable to pay its debts without ceasing operations. Post-winding-up, a compromise allowed creditors to be paid off by a partnership leasing the mills. Despite arguments for creditworthiness, the court upheld the winding-up order, emphasizing the need for a viable reconstruction scheme for any future stay applications. The appellant was directed to pay costs from the company's funds. Case-Laws Companies Law Thu, 14 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98524