https://www.taxtmi.com/caselaws?id=109343 An admitted and unpaid debt, coupled with no bona fide dispute and no workable repayment proposal, justified winding up on inability to pay debts. The company's continued default and accumulated liabilities showed commercial insolvency. Closure of business, absence of any viable revival plan, and the disappearance of the commercial basis of the undertaking established loss of substratum and supported winding up on the just and equitable ground. The company was directed to be wound up, and the Official Liquidator was authorised to take custody of its assets for further proceedings. en-us Fri, 30 Jan 2004 00:00:00 +0530 Mon, 09 Apr 2012 10:53:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109343 An admitted and unpaid debt, coupled with no bona fide dispute and no workable repayment proposal, justified winding up on inability to pay debts. The company's continued default and accumulated liabilities showed commercial insolvency. Closure of business, absence of any viable revival plan, and the disappearance of the commercial basis of the undertaking established loss of substratum and supported winding up on the just and equitable ground. The company was directed to be wound up, and the Official Liquidator was authorised to take custody of its assets for further proceedings. Case-Laws Companies Law Fri, 30 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109343