https://www.taxtmi.com/caselaws?id=106082 A creditor's dues shown in a company's balance-sheet as unsecured loans could not be treated as adjusted against the company's losses without the creditor's concurrence. The Gujarat HC held that any arrangement said to have been made by outgoing directors after a change in management could not bind the creditors, and the company court's reliance on alleged silence to support that adjustment was unsound. Because several factual matters needed reconsideration on the existing record, the rejection of the company petitions for winding up was unsustainable and the matter was remanded for fresh consideration. en-us Thu, 20 Jul 2000 00:00:00 +0530 Mon, 12 Mar 2012 15:48:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106082 A creditor's dues shown in a company's balance-sheet as unsecured loans could not be treated as adjusted against the company's losses without the creditor's concurrence. The Gujarat HC held that any arrangement said to have been made by outgoing directors after a change in management could not bind the creditors, and the company court's reliance on alleged silence to support that adjustment was unsound. Because several factual matters needed reconsideration on the existing record, the rejection of the company petitions for winding up was unsustainable and the matter was remanded for fresh consideration. Case-Laws Companies Law Thu, 20 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106082