https://www.taxtmi.com/caselaws?id=98639 A winding up petition was upheld where the petitioner company proved that Surinder Nath had valid authority through board and shareholder resolutions, and later corporate confirmation cured any defect in his appointment under the principle reflected in section 290 of the Companies Act, 1956. The Court also found the respondent company commercially insolvent because its balance-sheet showed heavy losses and doubtful realisability of assets, while the debt was acknowledged and supported by evidence. The allegation of mala fides failed because the petitioner's managing director's exposure as a co-debtor did not negate the company's inability to pay its debts. en-us Tue, 06 May 1969 00:00:00 +0530 Sat, 21 Jan 2012 13:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98639 A winding up petition was upheld where the petitioner company proved that Surinder Nath had valid authority through board and shareholder resolutions, and later corporate confirmation cured any defect in his appointment under the principle reflected in section 290 of the Companies Act, 1956. The Court also found the respondent company commercially insolvent because its balance-sheet showed heavy losses and doubtful realisability of assets, while the debt was acknowledged and supported by evidence. The allegation of mala fides failed because the petitioner's managing director's exposure as a co-debtor did not negate the company's inability to pay its debts. Case-Laws Companies Law Tue, 06 May 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98639