https://www.taxtmi.com/caselaws?id=234520 A secured creditor may maintain a winding up petition without first relinquishing security or proving that the security is insufficient to cover the debt. The existence of SARFAESI ? proceedings or security does not by itself bar locus, though it may affect the court's discretion. Where the debt is established, no bona fide dispute is shown, and the company displays admitted liability, negative net worth, and inability to pay, the petition may also be supported on deemed insolvency and commercial insolvency grounds. The commentary notes that refusal to admit the petition was unsustainable on those facts. en-us Wed, 13 Feb 2013 00:00:00 +0530 Sat, 15 Jun 2013 07:48:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234520 A secured creditor may maintain a winding up petition without first relinquishing security or proving that the security is insufficient to cover the debt. The existence of SARFAESI ? proceedings or security does not by itself bar locus, though it may affect the court's discretion. Where the debt is established, no bona fide dispute is shown, and the company displays admitted liability, negative net worth, and inability to pay, the petition may also be supported on deemed insolvency and commercial insolvency grounds. The commentary notes that refusal to admit the petition was unsustainable on those facts. Case-Laws Companies Law Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234520