https://www.taxtmi.com/caselaws?id=111448 A company may be wound up where a special resolution is passed and the record shows that its undertaking has ceased to function in any meaningful sense. Here, the audited accounts indicated continuing cash losses, accumulated losses exceeding half of net worth, and substantial unsecured borrowings, supporting a finding of commercial insolvency. Objections by workmen, landlords, tenants, and other claimants did not bar winding up because their claims could be worked out in liquidation and did not defeat the jurisdiction to grant relief. Pending issues under the Industrial Disputes Act, 1947 also did not prevent a winding up order, and the company was ordered to be wound up with the official liquidator taking charge. en-us Fri, 22 Dec 2006 00:00:00 +0530 Mon, 23 Apr 2012 15:56:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111448 A company may be wound up where a special resolution is passed and the record shows that its undertaking has ceased to function in any meaningful sense. Here, the audited accounts indicated continuing cash losses, accumulated losses exceeding half of net worth, and substantial unsecured borrowings, supporting a finding of commercial insolvency. Objections by workmen, landlords, tenants, and other claimants did not bar winding up because their claims could be worked out in liquidation and did not defeat the jurisdiction to grant relief. Pending issues under the Industrial Disputes Act, 1947 also did not prevent a winding up order, and the company was ordered to be wound up with the official liquidator taking charge. Case-Laws Companies Law Fri, 22 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111448