https://www.taxtmi.com/caselaws?id=111255 An English judgment was treated as conclusive for enforcement because the parties had agreed to English jurisdiction and the judgment was reasoned and based on evidence, even though the respondent did not appear. A creditor may rely on such a foreign decree in winding up proceedings, and the company's failure to answer statutory notice, together with uncontroverted material showing substantial liabilities, erosion of net worth, and financial incapacity, supported a finding of commercial insolvency. The petition was therefore maintainable and the company was regarded as unable to pay its debts. en-us Wed, 04 Apr 2007 00:00:00 +0530 Mon, 29 Jan 2024 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111255 An English judgment was treated as conclusive for enforcement because the parties had agreed to English jurisdiction and the judgment was reasoned and based on evidence, even though the respondent did not appear. A creditor may rely on such a foreign decree in winding up proceedings, and the company's failure to answer statutory notice, together with uncontroverted material showing substantial liabilities, erosion of net worth, and financial incapacity, supported a finding of commercial insolvency. The petition was therefore maintainable and the company was regarded as unable to pay its debts. Case-Laws Companies Law Wed, 04 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111255