https://www.taxtmi.com/caselaws?id=126881 A securitisation company acting as trustee for a trust created for security receipt holders was held to fall within the class of secured creditors and therefore had locus standi to maintain winding-up proceedings. A bare and unsupported counter-claim, based on damages and related heads, was not enough to resist an admitted debt. Objections founded on the rate of interest and the respondent-company's assets also failed, because a substantial liability remained unpaid and no legal basis was shown for the reduced rate or for treating assets as a substitute for payment. The petition was allowed and winding up ordered. en-us Fri, 16 Jul 2010 00:00:00 +0530 Wed, 01 Oct 2014 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126881 A securitisation company acting as trustee for a trust created for security receipt holders was held to fall within the class of secured creditors and therefore had locus standi to maintain winding-up proceedings. A bare and unsupported counter-claim, based on damages and related heads, was not enough to resist an admitted debt. Objections founded on the rate of interest and the respondent-company's assets also failed, because a substantial liability remained unpaid and no legal basis was shown for the reduced rate or for treating assets as a substitute for payment. The petition was allowed and winding up ordered. Case-Laws Companies Law Fri, 16 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126881