https://www.taxtmi.com/caselaws?id=112343 A winding-up petition may succeed where the debtor-company fails to show a bona fide dispute to the debt and the materials establish commercial insolvency. Here, the alleged defence of inferior quality and return of goods was rejected because the pleadings lacked particulars and proof, so the debt remained undisputed. The record also showed negative net worth, lack of financial viability and loss of substratum, satisfying the statutory grounds for winding up on just and equitable grounds. The company petition was allowed, the company was ordered to be wound up, and the Official Liquidator was appointed with directions to file the statement of affairs. en-us Tue, 10 Jan 2006 00:00:00 +0530 Fri, 27 Apr 2012 16:53:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112343 A winding-up petition may succeed where the debtor-company fails to show a bona fide dispute to the debt and the materials establish commercial insolvency. Here, the alleged defence of inferior quality and return of goods was rejected because the pleadings lacked particulars and proof, so the debt remained undisputed. The record also showed negative net worth, lack of financial viability and loss of substratum, satisfying the statutory grounds for winding up on just and equitable grounds. The company petition was allowed, the company was ordered to be wound up, and the Official Liquidator was appointed with directions to file the statement of affairs. Case-Laws Companies Law Tue, 10 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112343