https://www.taxtmi.com/caselaws?id=99954 Contributories may maintain winding-up petitions under the Companies Act, 1956, unless the petition lacks bona fides; an objection based merely on alleged insolvency does not bar maintainability. Inability to pay debts arises where substantial liabilities remain unpaid, assets have materially diminished, and an alleged damages claim is neither quantified nor bona fide and is limitation-barred. Winding up may also be just and equitable where core assets and business operations have ceased or failed, no viable revival plan exists, and deadlock and majority conduct cause loss of confidence. Commercial collapse and failure of substratum support liquidation on both grounds. en-us Mon, 27 Apr 1981 00:00:00 +0530 Mon, 30 Jan 2012 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99954 Contributories may maintain winding-up petitions under the Companies Act, 1956, unless the petition lacks bona fides; an objection based merely on alleged insolvency does not bar maintainability. Inability to pay debts arises where substantial liabilities remain unpaid, assets have materially diminished, and an alleged damages claim is neither quantified nor bona fide and is limitation-barred. Winding up may also be just and equitable where core assets and business operations have ceased or failed, no viable revival plan exists, and deadlock and majority conduct cause loss of confidence. Commercial collapse and failure of substratum support liquidation on both grounds. Case-Laws Companies Law Mon, 27 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99954