https://www.taxtmi.com/caselaws?id=99567 The court found the petition for winding up maintainable as no grounds were raised against it. The respondent-company failed to fulfill its primary objective of manufacturing cars for sale, leading to a collapse in business operations and financial insolvency. With insufficient assets to cover liabilities, including employee salaries, and key resignations, the court deemed it just and equitable to wind up the company under section 433(f) of the Companies Act, 1956. Consequently, the court ordered the winding up of the company, appointing a provisional liquidator to take charge of all assets and effects. en-us Mon, 06 Mar 1978 00:00:00 +0530 Fri, 27 Jan 2012 18:04:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99567 The court found the petition for winding up maintainable as no grounds were raised against it. The respondent-company failed to fulfill its primary objective of manufacturing cars for sale, leading to a collapse in business operations and financial insolvency. With insufficient assets to cover liabilities, including employee salaries, and key resignations, the court deemed it just and equitable to wind up the company under section 433(f) of the Companies Act, 1956. Consequently, the court ordered the winding up of the company, appointing a provisional liquidator to take charge of all assets and effects. Case-Laws Companies Law Mon, 06 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99567