https://www.taxtmi.com/caselaws?id=113144 A company was found liable to be wound up on the basis of admitted unpaid debts, because the statutory condition under section 433(e) of the Companies Act, 1956 was satisfied when the respondent-company acknowledged amounts due and failed to prove payment. The Court also held that secured creditors enforcing security under SARFAESI were not required to obtain leave of the Company Court, and their objection could not defeat the winding-up proceedings, because the special recovery regime under section 13 of SARFAESI prevailed over the general restriction in section 537 of the Companies Act, 1956. The winding-up petitions were therefore allowed and the objection was overruled. en-us Wed, 18 Aug 2010 00:00:00 +0530 Fri, 26 Sep 2014 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113144 A company was found liable to be wound up on the basis of admitted unpaid debts, because the statutory condition under section 433(e) of the Companies Act, 1956 was satisfied when the respondent-company acknowledged amounts due and failed to prove payment. The Court also held that secured creditors enforcing security under SARFAESI were not required to obtain leave of the Company Court, and their objection could not defeat the winding-up proceedings, because the special recovery regime under section 13 of SARFAESI prevailed over the general restriction in section 537 of the Companies Act, 1956. The winding-up petitions were therefore allowed and the objection was overruled. Case-Laws Companies Law Wed, 18 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113144