https://www.taxtmi.com/caselaws?id=113258 A valid assignee of debt, including a reconstruction company acting as trustee, was held entitled to maintain a winding-up petition because it stepped into the shoes of the original creditor and the assignment fell within the broad statutory concepts of debt, secured creditor and security interest. The existence of pending recovery proceedings before the Debts Recovery Tribunal did not bar the petition. On the insolvency question, the balance-sheet and Chartered Accountant's report showed that the company was commercially insolvent and unable to discharge its liabilities, with no material to suggest only temporary distress. The winding-up order was therefore sustained. en-us Wed, 27 Oct 2010 00:00:00 +0530 Mon, 22 Sep 2014 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113258 A valid assignee of debt, including a reconstruction company acting as trustee, was held entitled to maintain a winding-up petition because it stepped into the shoes of the original creditor and the assignment fell within the broad statutory concepts of debt, secured creditor and security interest. The existence of pending recovery proceedings before the Debts Recovery Tribunal did not bar the petition. On the insolvency question, the balance-sheet and Chartered Accountant's report showed that the company was commercially insolvent and unable to discharge its liabilities, with no material to suggest only temporary distress. The winding-up order was therefore sustained. Case-Laws Companies Law Wed, 27 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113258