https://www.taxtmi.com/caselaws?id=110194 The court granted the petition for a winding-up order under section 433(e) of the Companies Act, 1956, due to the respondent company's failure to pay admitted debts, including arrears of salary and notice period. Despite the respondent's arguments on the definition of 'debt,' the court found the petition maintainable, considering unpaid salary as a debt under the Act. The court exercised discretion in the decision, allowing a brief period for potential settlement before further proceedings, emphasizing the importance of addressing unpaid salary in winding-up petitions. en-us Fri, 24 Sep 2004 00:00:00 +0530 Sat, 14 Apr 2012 11:39:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110194 The court granted the petition for a winding-up order under section 433(e) of the Companies Act, 1956, due to the respondent company's failure to pay admitted debts, including arrears of salary and notice period. Despite the respondent's arguments on the definition of 'debt,' the court found the petition maintainable, considering unpaid salary as a debt under the Act. The court exercised discretion in the decision, allowing a brief period for potential settlement before further proceedings, emphasizing the importance of addressing unpaid salary in winding-up petitions. Case-Laws Companies Law Fri, 24 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110194