https://www.taxtmi.com/caselaws?id=100185 The court dismissed the petition for winding-up filed by M/s. Castwell Engineering Corporation against Bombay Castwell Engineering Private Limited due to the company's failure to pay the full debt amount despite partial acknowledgments under consent terms. The court clarified that the petition remains pending for final disposal, emphasizing the collective creditor rights over individual preferences. The court ruled that the petitioners must deposit the amount received during the petition's pendency, rejecting the argument to retain the money under section 531 of the Companies Act, 1956. Failure to comply led to the dismissal of the petition with no costs awarded. en-us Fri, 09 Jul 1982 00:00:00 +0530 Tue, 31 Jan 2012 15:17:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100185 The court dismissed the petition for winding-up filed by M/s. Castwell Engineering Corporation against Bombay Castwell Engineering Private Limited due to the company's failure to pay the full debt amount despite partial acknowledgments under consent terms. The court clarified that the petition remains pending for final disposal, emphasizing the collective creditor rights over individual preferences. The court ruled that the petitioners must deposit the amount received during the petition's pendency, rejecting the argument to retain the money under section 531 of the Companies Act, 1956. Failure to comply led to the dismissal of the petition with no costs awarded. Case-Laws Companies Law Fri, 09 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100185