https://www.taxtmi.com/caselaws?id=103333 The Court found that the respondent-company, Presto Finance Ltd., failed to pay its debts, leading to multiple winding-up petitions by creditors. Despite admitting the debt, the respondent did not make the payment, indicating insolvency. The Court noted the company's inability to pay its debts and loss of substratum, justifying the winding-up order. The Court appointed the Official Liquidator, directed the petitioner to deposit initial winding-up expenses, and emphasized the need for further investigation into the company's affairs in accordance with the Companies Act. en-us Thu, 29 Aug 1996 00:00:00 +0530 Wed, 22 Feb 2012 14:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103333 The Court found that the respondent-company, Presto Finance Ltd., failed to pay its debts, leading to multiple winding-up petitions by creditors. Despite admitting the debt, the respondent did not make the payment, indicating insolvency. The Court noted the company's inability to pay its debts and loss of substratum, justifying the winding-up order. The Court appointed the Official Liquidator, directed the petitioner to deposit initial winding-up expenses, and emphasized the need for further investigation into the company's affairs in accordance with the Companies Act. Case-Laws Companies Law Thu, 29 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103333