https://www.taxtmi.com/caselaws?id=110552 A company may be wound up where an admitted debt remains unpaid after service of statutory notice under the Companies Act, 1956. The text states that the liability was founded on a settled debt for a specified sum with interest, supported by repeated demands and requests for time, and later expressly admitted by affidavit. Because the amount remained unpaid despite notice under section 433(e) read with section 434(1)(a), neglect to pay gave rise to the presumption of inability to pay debts. On that basis, the winding-up order was warranted. en-us Mon, 23 Aug 2004 00:00:00 +0530 Tue, 17 Apr 2012 14:12:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110552 A company may be wound up where an admitted debt remains unpaid after service of statutory notice under the Companies Act, 1956. The text states that the liability was founded on a settled debt for a specified sum with interest, supported by repeated demands and requests for time, and later expressly admitted by affidavit. Because the amount remained unpaid despite notice under section 433(e) read with section 434(1)(a), neglect to pay gave rise to the presumption of inability to pay debts. On that basis, the winding-up order was warranted. Case-Laws Companies Law Mon, 23 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110552