https://www.taxtmi.com/caselaws?id=234948 An admitted and unpaid debt can justify admission of a winding up petition where the company's defence is not bona fide. Here, dishonoured post-dated cheques and non-payment after demand notice were treated as acknowledgment of liability and inability to pay, while objections about the factoring arrangement and service of notice did not negate the admitted debt. A broadly worded power of attorney authorising execution and verification of legal documents was held sufficient to institute the winding up proceedings. The petition was admitted, with a provisional liquidator appointed and limited time given to clear the admitted dues. en-us Mon, 13 May 2013 00:00:00 +0530 Fri, 05 Jul 2013 06:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234948 An admitted and unpaid debt can justify admission of a winding up petition where the company's defence is not bona fide. Here, dishonoured post-dated cheques and non-payment after demand notice were treated as acknowledgment of liability and inability to pay, while objections about the factoring arrangement and service of notice did not negate the admitted debt. A broadly worded power of attorney authorising execution and verification of legal documents was held sufficient to institute the winding up proceedings. The petition was admitted, with a provisional liquidator appointed and limited time given to clear the admitted dues. Case-Laws Companies Law Mon, 13 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234948