https://www.taxtmi.com/caselaws?id=108569 A company formed to act as trustee lawfully pursues its objects by discharging trustee functions, including receipt of permitted reimbursement of expenses, and need not engage in commercial profit-making; therefore absence of profit or activity did not establish failure to commence business or inability to pay debts and sections 433(c)/434(1)(c) were not made out. The court found no substratum gone, deadlock, fraud in inception or other just-and-equitable grounds to wind up the company, and held that pursuing a concurrent substantive civil remedy for the same relief rendered the winding-up petition an abuse of process; petition dismissed. en-us Fri, 08 Nov 2002 00:00:00 +0530 Mon, 02 Apr 2012 17:07:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108569 A company formed to act as trustee lawfully pursues its objects by discharging trustee functions, including receipt of permitted reimbursement of expenses, and need not engage in commercial profit-making; therefore absence of profit or activity did not establish failure to commence business or inability to pay debts and sections 433(c)/434(1)(c) were not made out. The court found no substratum gone, deadlock, fraud in inception or other just-and-equitable grounds to wind up the company, and held that pursuing a concurrent substantive civil remedy for the same relief rendered the winding-up petition an abuse of process; petition dismissed. Case-Laws Companies Law Fri, 08 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108569