https://www.taxtmi.com/caselaws?id=100047 The court concluded that the company was insolvent and unable to pay its debts. The disputes raised by the company were not bona fide and lacked substance. The acknowledgment of the debt in the balance sheets and the confirmation letter were sufficient to establish the liability. The court ordered the winding-up of the company, appointing the official liquidator to take possession of the company's assets and documents. The petitioning creditors were directed to assist the official liquidator. The request for a stay was refused. en-us Thu, 15 Jan 1981 00:00:00 +0530 Tue, 31 Jan 2012 10:52:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100047 The court concluded that the company was insolvent and unable to pay its debts. The disputes raised by the company were not bona fide and lacked substance. The acknowledgment of the debt in the balance sheets and the confirmation letter were sufficient to establish the liability. The court ordered the winding-up of the company, appointing the official liquidator to take possession of the company's assets and documents. The petitioning creditors were directed to assist the official liquidator. The request for a stay was refused. Case-Laws Companies Law Thu, 15 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100047