https://www.taxtmi.com/caselaws?id=106898 A winding up petition under the non-banking financial company regime was treated as maintainable where it was filed by a Reserve Bank officer authorised under the applicable regulations, and the Companies (Court) Rules objection was rejected. The text further notes that rejection of the company's registration application did not by itself support disqualification while an appeal remained pending, because the rejection had not attained finality. On the financial material and the company's own admissions, persistent default, closure of offices, negative net owned funds, accumulated losses, and liabilities exceeding realizable assets established inability to pay debts and prejudice to depositors and public interest, supporting admission of the petition. en-us Mon, 16 Oct 2000 00:00:00 +0530 Fri, 16 Mar 2012 12:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106898 A winding up petition under the non-banking financial company regime was treated as maintainable where it was filed by a Reserve Bank officer authorised under the applicable regulations, and the Companies (Court) Rules objection was rejected. The text further notes that rejection of the company's registration application did not by itself support disqualification while an appeal remained pending, because the rejection had not attained finality. On the financial material and the company's own admissions, persistent default, closure of offices, negative net owned funds, accumulated losses, and liabilities exceeding realizable assets established inability to pay debts and prejudice to depositors and public interest, supporting admission of the petition. Case-Laws Companies Law Mon, 16 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106898