https://www.taxtmi.com/caselaws?id=221518 A winding-up petition cannot rest on a foreign ex parte default judgment that is not on the merits or is opposed to natural justice, because such a judgment is not conclusive in India under Section 13 of the Code of Civil Procedure. The petition also cannot be supported by a guarantee in favour of a foreign subsidiary where the transaction lacked RBI approval and was inconsistent with FEMA and the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004. Where the company raises a bona fide and substantial dispute, winding up is not available as a debt-recovery remedy. en-us Wed, 26 Sep 2012 00:00:00 +0530 Thu, 14 Mar 2013 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221518 A winding-up petition cannot rest on a foreign ex parte default judgment that is not on the merits or is opposed to natural justice, because such a judgment is not conclusive in India under Section 13 of the Code of Civil Procedure. The petition also cannot be supported by a guarantee in favour of a foreign subsidiary where the transaction lacked RBI approval and was inconsistent with FEMA and the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004. Where the company raises a bona fide and substantial dispute, winding up is not available as a debt-recovery remedy. Case-Laws Companies Law Wed, 26 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221518