https://www.taxtmi.com/caselaws?id=101398 The company's prolonged cessation of business, absence of proper accounts and balance-sheets, unpaid statutory and operational liabilities, and the unavailability of responsible officers indicated prima facie commercial insolvency. The court also found special circumstances requiring immediate protective action because the company's assets were exposed to theft, deterioration, and neglect, while the reply did not effectively meet the material allegations. On that basis, the court held that there was a continuing stalemate in the company's management and affairs and that appointment of a provisional liquidator was necessary pending final disposal of the winding-up petition. en-us Thu, 12 Jul 1984 00:00:00 +0530 Thu, 09 Feb 2012 16:20:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101398 The company's prolonged cessation of business, absence of proper accounts and balance-sheets, unpaid statutory and operational liabilities, and the unavailability of responsible officers indicated prima facie commercial insolvency. The court also found special circumstances requiring immediate protective action because the company's assets were exposed to theft, deterioration, and neglect, while the reply did not effectively meet the material allegations. On that basis, the court held that there was a continuing stalemate in the company's management and affairs and that appointment of a provisional liquidator was necessary pending final disposal of the winding-up petition. Case-Laws Companies Law Thu, 12 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101398