https://www.taxtmi.com/caselaws?id=213390 The court upheld the company petition under sections 433/434 of the Companies Act, 1956, finding the appellant-company unable to pay its debts, despite pending recovery proceedings. The court deemed the assignment deed valid, rejecting the appellant's arguments on time-barred debt and the RDB Act. Emphasizing the company's liability for winding up, the court dismissed the appeal due to the appellant's refusal to pay the debt promptly. The appellant was given the opportunity to propose a reasonable payment plan to the company judge for further consideration. en-us Wed, 16 Feb 2011 00:00:00 +0530 Thu, 07 Feb 2013 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213390 The court upheld the company petition under sections 433/434 of the Companies Act, 1956, finding the appellant-company unable to pay its debts, despite pending recovery proceedings. The court deemed the assignment deed valid, rejecting the appellant's arguments on time-barred debt and the RDB Act. Emphasizing the company's liability for winding up, the court dismissed the appeal due to the appellant's refusal to pay the debt promptly. The appellant was given the opportunity to propose a reasonable payment plan to the company judge for further consideration. Case-Laws Companies Law Wed, 16 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213390