https://www.taxtmi.com/caselaws?id=110693 A winding-up petition for inability to pay debts failed at the admission stage because, although the debt was not seriously disputed, the respondent showed a bona fide defence founded on loan restructuring, payments under a rehabilitation package, and a corporate debt restructuring arrangement with major lenders. The secured creditor also had an effective alternative remedy under recovery legislation, so the court could refuse winding up under section 443(2) where another remedy existed and winding up was being pursued unreasonably. Admitting the petition would have prejudiced the company's rehabilitation, employees, and other lenders. The petition was therefore not maintainable for winding up. en-us Tue, 04 Feb 2003 00:00:00 +0530 Wed, 18 Apr 2012 12:24:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110693 A winding-up petition for inability to pay debts failed at the admission stage because, although the debt was not seriously disputed, the respondent showed a bona fide defence founded on loan restructuring, payments under a rehabilitation package, and a corporate debt restructuring arrangement with major lenders. The secured creditor also had an effective alternative remedy under recovery legislation, so the court could refuse winding up under section 443(2) where another remedy existed and winding up was being pursued unreasonably. Admitting the petition would have prejudiced the company's rehabilitation, employees, and other lenders. The petition was therefore not maintainable for winding up. Case-Laws Companies Law Tue, 04 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110693