https://www.taxtmi.com/caselaws?id=106089 A company may be treated as unable to pay its debt where an admitted debt remains unpaid after service of statutory notice and the company fails to raise any effective objection. Here, the petition was based on unpaid cheques issued towards the price of goods supplied; despite notice under section 434 of the Companies Act, 1956, the respondent-company neither paid nor filed any effective objection after publication of the winding-up petition. In the absence of any stay order or subsequent payment, the court treated the company as unable to pay its debt and allowed the winding-up petition. en-us Fri, 28 Jul 2000 00:00:00 +0530 Mon, 12 Mar 2012 15:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106089 A company may be treated as unable to pay its debt where an admitted debt remains unpaid after service of statutory notice and the company fails to raise any effective objection. Here, the petition was based on unpaid cheques issued towards the price of goods supplied; despite notice under section 434 of the Companies Act, 1956, the respondent-company neither paid nor filed any effective objection after publication of the winding-up petition. In the absence of any stay order or subsequent payment, the court treated the company as unable to pay its debt and allowed the winding-up petition. Case-Laws Companies Law Fri, 28 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106089