https://www.taxtmi.com/caselaws?id=246975 The court found that the respondent's defense in a winding-up petition was not bona fide but appeared belated and unsubstantial. The court admitted the petition, citing the respondent's inability to pay its debts and referencing the necessity for disputes to be genuine and not illusory. The court appointed a Provisional Liquidator and restrained the respondent from disposing of assets, allowing a four-week period for settlement before further actions. The case was scheduled for a hearing, with directions for the respondent to file a Statement of Affairs within 21 days of the Provisional Liquidator's appointment. en-us Thu, 24 Apr 2014 00:00:00 +0530 Mon, 28 Apr 2014 07:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246975 The court found that the respondent's defense in a winding-up petition was not bona fide but appeared belated and unsubstantial. The court admitted the petition, citing the respondent's inability to pay its debts and referencing the necessity for disputes to be genuine and not illusory. The court appointed a Provisional Liquidator and restrained the respondent from disposing of assets, allowing a four-week period for settlement before further actions. The case was scheduled for a hearing, with directions for the respondent to file a Statement of Affairs within 21 days of the Provisional Liquidator's appointment. Case-Laws Companies Law Thu, 24 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246975