https://www.taxtmi.com/caselaws?id=214970 A winding-up petition based on debt cannot succeed unless the petitioner proves an admitted and enforceable liability. The clause relied on here required reimbursement only on a future increase in municipal tax and on production of documentary proof, but the record did not show any municipal order fixing the tax as asserted or any admitted debt payable by the respondent. The respondent's financial soundness also weighed against winding up on inability to pay debts or just and equitable grounds. The petition was therefore held not maintainable and was dismissed. en-us Fri, 22 Jul 2011 00:00:00 +0530 Mon, 28 May 2012 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214970 A winding-up petition based on debt cannot succeed unless the petitioner proves an admitted and enforceable liability. The clause relied on here required reimbursement only on a future increase in municipal tax and on production of documentary proof, but the record did not show any municipal order fixing the tax as asserted or any admitted debt payable by the respondent. The respondent's financial soundness also weighed against winding up on inability to pay debts or just and equitable grounds. The petition was therefore held not maintainable and was dismissed. Case-Laws Companies Law Fri, 22 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214970