https://www.taxtmi.com/caselaws?id=100945 A company was found liable to be wound up where the petitioning creditor proved a debt above the statutory minimum and the company did not effectively dispute liability. The company's factory, premises and machinery had been taken over by the Karnataka State Financial Corporation, and its own case showed it had no practical means to carry on business. Existing recovery proceedings and the admitted financial position supported the finding that it had become commercially defunct and lost its substratum. The Court held that the validity of the Corporation's action under section 29 of the State Financial Corporations Act, 1951, did not need to be decided in these proceedings, and the winding-up petition was maintainable. en-us Mon, 09 Jan 1984 00:00:00 +0530 Wed, 08 Feb 2012 10:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100945 A company was found liable to be wound up where the petitioning creditor proved a debt above the statutory minimum and the company did not effectively dispute liability. The company's factory, premises and machinery had been taken over by the Karnataka State Financial Corporation, and its own case showed it had no practical means to carry on business. Existing recovery proceedings and the admitted financial position supported the finding that it had become commercially defunct and lost its substratum. The Court held that the validity of the Corporation's action under section 29 of the State Financial Corporations Act, 1951, did not need to be decided in these proceedings, and the winding-up petition was maintainable. Case-Laws Companies Law Mon, 09 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100945