https://www.taxtmi.com/caselaws?id=112693 A company may be wound up when it admits a debt but remains unable to discharge it and the record shows no real business viability. Here, the admitted liability stayed unpaid despite notice, and the company produced no material showing capacity to pay. The official liquidator's report recorded no immovable assets, no plant or machinery, and only a small bank balance, with no creditor claims received. On those facts, the Court found inability to meet admitted debts and no viable basis for continued existence, and the winding-up petition was allowed. en-us Tue, 04 Nov 2008 00:00:00 +0530 Tue, 01 May 2012 13:10:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112693 A company may be wound up when it admits a debt but remains unable to discharge it and the record shows no real business viability. Here, the admitted liability stayed unpaid despite notice, and the company produced no material showing capacity to pay. The official liquidator's report recorded no immovable assets, no plant or machinery, and only a small bank balance, with no creditor claims received. On those facts, the Court found inability to meet admitted debts and no viable basis for continued existence, and the winding-up petition was allowed. Case-Laws Companies Law Tue, 04 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112693