https://www.taxtmi.com/caselaws?id=99012 A secured creditor may present and prosecute a winding-up petition without first abandoning the security or proving its inadequacy. A consent order for payment under the Companies Act was treated as enforceable like a civil court decree, and the claim was held within limitation under article 136 because the debt remained recoverable for twelve years from default. The petition was not regarded as vexatious or mala fide merely because earlier proceedings had been withdrawn with liberty to refile. Article 137 of the Limitation Act did not govern winding-up applications under the Companies Act, so the petition was not time-barred. en-us Fri, 17 Aug 1973 00:00:00 +0530 Tue, 24 Jan 2012 18:06:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99012 A secured creditor may present and prosecute a winding-up petition without first abandoning the security or proving its inadequacy. A consent order for payment under the Companies Act was treated as enforceable like a civil court decree, and the claim was held within limitation under article 136 because the debt remained recoverable for twelve years from default. The petition was not regarded as vexatious or mala fide merely because earlier proceedings had been withdrawn with liberty to refile. Article 137 of the Limitation Act did not govern winding-up applications under the Companies Act, so the petition was not time-barred. Case-Laws Companies Law Fri, 17 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99012