https://www.taxtmi.com/caselaws?id=101000 A secured creditor may present a winding-up petition without first surrendering its security, because section 439 of the Companies Act, 1956 treats a secured creditor as a creditor entitled to apply and does not make abandonment of security a condition precedent. The sufficiency of the security and the broader question whether the company should be wound up require fuller scrutiny after admission and advertisement, rather than rejection at the threshold on maintainability grounds. The dismissal at the admission stage was therefore unjustified, and the petition had to be admitted for consideration on merits. en-us Thu, 21 Mar 1985 00:00:00 +0530 Wed, 08 Feb 2012 12:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101000 A secured creditor may present a winding-up petition without first surrendering its security, because section 439 of the Companies Act, 1956 treats a secured creditor as a creditor entitled to apply and does not make abandonment of security a condition precedent. The sufficiency of the security and the broader question whether the company should be wound up require fuller scrutiny after admission and advertisement, rather than rejection at the threshold on maintainability grounds. The dismissal at the admission stage was therefore unjustified, and the petition had to be admitted for consideration on merits. Case-Laws Companies Law Thu, 21 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101000