https://www.taxtmi.com/caselaws?id=101427 A winding-up petition may proceed where the company's own balance-sheets, statements and affidavits disclose a substantial unpaid liability and show inability to meet clear debts. Pendency of arbitration does not bar winding up where the debt remains admitted and no effective stay or bona fide defence exists. On limitation, later acknowledgments of liability in balance-sheets and affidavits can extend time under the Limitation Act, so the claim may remain within time when winding up is sought. The company was therefore ordered to be wound up, with the official liquidator appointed to realise and administer its affairs according to law. en-us Wed, 11 Dec 1985 00:00:00 +0530 Thu, 09 Feb 2012 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101427 A winding-up petition may proceed where the company's own balance-sheets, statements and affidavits disclose a substantial unpaid liability and show inability to meet clear debts. Pendency of arbitration does not bar winding up where the debt remains admitted and no effective stay or bona fide defence exists. On limitation, later acknowledgments of liability in balance-sheets and affidavits can extend time under the Limitation Act, so the claim may remain within time when winding up is sought. The company was therefore ordered to be wound up, with the official liquidator appointed to realise and administer its affairs according to law. Case-Laws Companies Law Wed, 11 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101427