https://www.taxtmi.com/caselaws?id=101319 The High Court of Bombay, in a judgment by Justice Parekh, considered three company petitions seeking winding-up orders against Shri Laxmi Traders Limited. The court rejected the respondent company's defense based on assets being taken over under the Textile Undertakings Act, emphasizing the presence of assets and outstanding debts warranting a winding-up order. The court dismissed the argument that a winding-up order should not be made if it does not benefit creditors or if a majority of creditors oppose it. Petition No. 142 of 1984 was made absolute, appointing the official liquidator as the liquidator of the respondent company, while Petitions No. 366 of 1983 and 388 of 1985 were dismissed. en-us Fri, 06 Dec 1985 00:00:00 +0530 Thu, 09 Feb 2012 13:28:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101319 The High Court of Bombay, in a judgment by Justice Parekh, considered three company petitions seeking winding-up orders against Shri Laxmi Traders Limited. The court rejected the respondent company's defense based on assets being taken over under the Textile Undertakings Act, emphasizing the presence of assets and outstanding debts warranting a winding-up order. The court dismissed the argument that a winding-up order should not be made if it does not benefit creditors or if a majority of creditors oppose it. Petition No. 142 of 1984 was made absolute, appointing the official liquidator as the liquidator of the respondent company, while Petitions No. 366 of 1983 and 388 of 1985 were dismissed. Case-Laws Companies Law Fri, 06 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101319