https://www.taxtmi.com/caselaws?id=99732 Winding up admission was warranted because the company could not pay its debts and was commercially insolvent; the court applied the principle that contingent and prospective liabilities are relevant when assessing inability to pay under Section 434(1)(c), and accepted the petitioners' statutory demand. The audited balance sheet showed current liabilities and accumulated losses exceeding assets, inability to meet wages, cessation of operations, and incapacity to complete contracts without substantial fresh finance, while the defendant's counterclaim lacked substance and did not constitute a defence. Public interest and mala fides allegations were unsupported; petition admitted and further hearing fixed. en-us Fri, 29 Jun 1979 00:00:00 +0530 Sat, 28 Jan 2012 14:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99732 Winding up admission was warranted because the company could not pay its debts and was commercially insolvent; the court applied the principle that contingent and prospective liabilities are relevant when assessing inability to pay under Section 434(1)(c), and accepted the petitioners' statutory demand. The audited balance sheet showed current liabilities and accumulated losses exceeding assets, inability to meet wages, cessation of operations, and incapacity to complete contracts without substantial fresh finance, while the defendant's counterclaim lacked substance and did not constitute a defence. Public interest and mala fides allegations were unsupported; petition admitted and further hearing fixed. Case-Laws Companies Law Fri, 29 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99732