https://www.taxtmi.com/caselaws?id=99161 A winding-up petition based on deemed inability to pay must disclose enough particulars of the alleged debt and consideration to show prima facie that a debt exists, is due, and remained unpaid after statutory notice; a vague pleading may be vulnerable if the company does not appear, though the defect may lose significance where the claim is expressly admitted. The court also noted that, even where the debt is not genuinely disputed, winding up remains a discretionary remedy: the judge must consider whether supporting creditors' wishes are based on reasonable grounds and whether liquidation would benefit creditors generally. On the facts described, the supporting creditors' opposition, together with indications of commercial solvency, justified refusal of winding up. en-us Thu, 31 Oct 1974 00:00:00 +0530 Wed, 25 Jan 2012 13:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99161 A winding-up petition based on deemed inability to pay must disclose enough particulars of the alleged debt and consideration to show prima facie that a debt exists, is due, and remained unpaid after statutory notice; a vague pleading may be vulnerable if the company does not appear, though the defect may lose significance where the claim is expressly admitted. The court also noted that, even where the debt is not genuinely disputed, winding up remains a discretionary remedy: the judge must consider whether supporting creditors' wishes are based on reasonable grounds and whether liquidation would benefit creditors generally. On the facts described, the supporting creditors' opposition, together with indications of commercial solvency, justified refusal of winding up. Case-Laws Companies Law Thu, 31 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99161