https://www.taxtmi.com/caselaws?id=236432 A settlement or undertaking recorded before the Court remains binding unless varied by timely application, and unexplained non-compliance after affirming the payment schedule may amount to wilful disobedience. The respondent's reliance on a corporate debt restructuring process did not excuse default where it neither sought modification of the court-directed instalments nor gave a satisfactory explanation, and contempt consequences followed. On the winding-up side, inability to pay the outstanding debt and failure to propose a workable restructuring supported revival and admission of the company petition. The earlier default-triggered order was given effect, resulting in appointment of the Official Liquidator as provisional liquidator and further winding-up directions. en-us Thu, 25 Apr 2013 00:00:00 +0530 Tue, 27 Aug 2013 05:52:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236432 A settlement or undertaking recorded before the Court remains binding unless varied by timely application, and unexplained non-compliance after affirming the payment schedule may amount to wilful disobedience. The respondent's reliance on a corporate debt restructuring process did not excuse default where it neither sought modification of the court-directed instalments nor gave a satisfactory explanation, and contempt consequences followed. On the winding-up side, inability to pay the outstanding debt and failure to propose a workable restructuring supported revival and admission of the company petition. The earlier default-triggered order was given effect, resulting in appointment of the Official Liquidator as provisional liquidator and further winding-up directions. Case-Laws Companies Law Thu, 25 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236432