https://www.taxtmi.com/caselaws?id=221298 A company was found unable to pay its debts where it had no operational manufacturing activity, failed to place any credible repayment plan, and could not show a realistic source of funds for proposed payments. The court treated the admitted arrears owed to creditors, workmen, employees and statutory authorities, together with the absence of annual accounts, as confirming insolvency. It also relied on surrounding conduct, including alienation of valuable immovable assets for negligible consideration and a dubious asset revaluation to exit BIFR protection, as factors prejudicial to stakeholders and supporting winding up on just and equitable grounds. The official liquidator was directed to take charge of the company and its assets, recover alienated properties, and pursue further proceedings as required. en-us Thu, 31 Jan 2013 00:00:00 +0530 Mon, 04 Mar 2013 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221298 A company was found unable to pay its debts where it had no operational manufacturing activity, failed to place any credible repayment plan, and could not show a realistic source of funds for proposed payments. The court treated the admitted arrears owed to creditors, workmen, employees and statutory authorities, together with the absence of annual accounts, as confirming insolvency. It also relied on surrounding conduct, including alienation of valuable immovable assets for negligible consideration and a dubious asset revaluation to exit BIFR protection, as factors prejudicial to stakeholders and supporting winding up on just and equitable grounds. The official liquidator was directed to take charge of the company and its assets, recover alienated properties, and pursue further proceedings as required. Case-Laws Companies Law Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221298