https://www.taxtmi.com/caselaws?id=106733 Consent orders in winding-up proceedings that record a company's admitted liability, require instalment payment, and include a managing director's guarantee may be enforced as decrees under the Companies Act, 1956. The guarantor's undertaking may consequently be executed under the Code of Civil Procedure and support an insolvency notice under the Presidency Towns Insolvency Act, 1909. Where liability is admitted and payment is consented to, the company court may direct payment to the petitioning creditor under its statutory and inherent powers rather than order winding up. Such a payment direction is enforceable as a decree; objections based on disputed-liability authorities, fraudulent preference, or lack of jurisdiction do not apply on those facts. en-us Mon, 23 Jul 2001 00:00:00 +0530 Thu, 15 Mar 2012 14:23:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106733 Consent orders in winding-up proceedings that record a company's admitted liability, require instalment payment, and include a managing director's guarantee may be enforced as decrees under the Companies Act, 1956. The guarantor's undertaking may consequently be executed under the Code of Civil Procedure and support an insolvency notice under the Presidency Towns Insolvency Act, 1909. Where liability is admitted and payment is consented to, the company court may direct payment to the petitioning creditor under its statutory and inherent powers rather than order winding up. Such a payment direction is enforceable as a decree; objections based on disputed-liability authorities, fraudulent preference, or lack of jurisdiction do not apply on those facts. Case-Laws Companies Law Mon, 23 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106733