https://www.taxtmi.com/caselaws?id=100306 An admitted and decreed debt remained unpaid despite demand, and the company failed to produce credible material showing present financial capacity or a genuine reconstruction plan to meet liabilities. On those facts, the court treated non-payment of the admitted liability as prima facie evidence of commercial insolvency and held that mere availability of execution did not bar winding up. The company's ability to meet current liabilities, not the existence of a decree-execution remedy, was the relevant test. The winding up petition was therefore maintainable and the company was ordered to be wound up. en-us Tue, 24 Apr 1984 00:00:00 +0530 Tue, 31 Jan 2012 18:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100306 An admitted and decreed debt remained unpaid despite demand, and the company failed to produce credible material showing present financial capacity or a genuine reconstruction plan to meet liabilities. On those facts, the court treated non-payment of the admitted liability as prima facie evidence of commercial insolvency and held that mere availability of execution did not bar winding up. The company's ability to meet current liabilities, not the existence of a decree-execution remedy, was the relevant test. The winding up petition was therefore maintainable and the company was ordered to be wound up. Case-Laws Companies Law Tue, 24 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100306