https://www.taxtmi.com/caselaws?id=112401 The court ordered the winding up of the respondent-company due to its inability to pay outstanding debts, eroded net worth, unauthorized disposal of assets, and diversion of funds. Despite the respondent's proposal for settlement in instalments, the court found the debt undisputed and the respondent financially unstable. The court dismissed the argument that a civil suit was already filed, clarifying that it did not prevent the winding up petition. Emphasizing the respondent's financial incapacity, the court appointed the Official Liquidator to take over assets and prepare a report within three months. en-us Thu, 08 Feb 2007 00:00:00 +0530 Sat, 28 Apr 2012 11:45:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112401 The court ordered the winding up of the respondent-company due to its inability to pay outstanding debts, eroded net worth, unauthorized disposal of assets, and diversion of funds. Despite the respondent's proposal for settlement in instalments, the court found the debt undisputed and the respondent financially unstable. The court dismissed the argument that a civil suit was already filed, clarifying that it did not prevent the winding up petition. Emphasizing the respondent's financial incapacity, the court appointed the Official Liquidator to take over assets and prepare a report within three months. Case-Laws Companies Law Thu, 08 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112401