https://www.taxtmi.com/caselaws?id=243261 Procedural non-compliance with advertisement and affidavit-of-service requirements under the Companies (Court) Rules, 1959 was treated as curable and non-prejudicial, so it did not bar consideration of the winding-up petition. The company's admitted debt, repeated default on maturity, and inability to rebut insolvency supported winding up; proposed BIFR reference, alleged asset sales, and expected future realisation did not displace the admitted liability or presumption of inability to pay debts. Conduct of promoters and directors, including diversion of sale proceeds and misleading representations, was relevant to bona fides and insolvency. The winding-up petition succeeded, with the order kept in abeyance for a limited period for a going-concern sale process. en-us Fri, 13 Dec 2013 00:00:00 +0530 Wed, 29 Jan 2014 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243261 Procedural non-compliance with advertisement and affidavit-of-service requirements under the Companies (Court) Rules, 1959 was treated as curable and non-prejudicial, so it did not bar consideration of the winding-up petition. The company's admitted debt, repeated default on maturity, and inability to rebut insolvency supported winding up; proposed BIFR reference, alleged asset sales, and expected future realisation did not displace the admitted liability or presumption of inability to pay debts. Conduct of promoters and directors, including diversion of sale proceeds and misleading representations, was relevant to bona fides and insolvency. The winding-up petition succeeded, with the order kept in abeyance for a limited period for a going-concern sale process. Case-Laws Companies Law Fri, 13 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243261