https://www.taxtmi.com/caselaws?id=103235 A winding up petition for inability to pay debts will not succeed where the company is operating under a sanctioned rehabilitation and amalgamation scheme that provides for staggered payment of unsecured creditors over time rather than immediate demand. On the material placed, no present inability to pay debts was shown. Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as protecting the original sick industrial company under the framed scheme, not the amalgamated company that took over under the sanctioned arrangement. The statutory bar was therefore held inapplicable to the winding up proceedings against the amalgamated company. en-us Fri, 16 Dec 1994 00:00:00 +0530 Tue, 21 Feb 2012 17:15:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103235 A winding up petition for inability to pay debts will not succeed where the company is operating under a sanctioned rehabilitation and amalgamation scheme that provides for staggered payment of unsecured creditors over time rather than immediate demand. On the material placed, no present inability to pay debts was shown. Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as protecting the original sick industrial company under the framed scheme, not the amalgamated company that took over under the sanctioned arrangement. The statutory bar was therefore held inapplicable to the winding up proceedings against the amalgamated company. Case-Laws Companies Law Fri, 16 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103235