https://www.taxtmi.com/caselaws?id=238116 An admitted debt left unpaid after statutory demand can justify admission of a winding-up petition for inability to pay debts, especially where the company gives no real defence and sale proceeds are not applied to repayment. Questions concerning the bona fides of a reference under the SICA lie within the statutory inquiry of the BIFR, and the Company Court should not usurp that jurisdiction, though it may note prima facie concerns. Where promoters and directors have breached repayment assurances and mishandled assets, the Court may place the company under neutral protective supervision through an administrator to safeguard stakeholders while preserving day-to-day functioning. en-us Tue, 30 Jul 2013 00:00:00 +0530 Wed, 16 Oct 2013 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238116 An admitted debt left unpaid after statutory demand can justify admission of a winding-up petition for inability to pay debts, especially where the company gives no real defence and sale proceeds are not applied to repayment. Questions concerning the bona fides of a reference under the SICA lie within the statutory inquiry of the BIFR, and the Company Court should not usurp that jurisdiction, though it may note prima facie concerns. Where promoters and directors have breached repayment assurances and mishandled assets, the Court may place the company under neutral protective supervision through an administrator to safeguard stakeholders while preserving day-to-day functioning. Case-Laws Companies Law Tue, 30 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238116