https://www.taxtmi.com/caselaws?id=256867 A trustee expressly empowered to enforce bondholder rights was treated as a deemed creditor and could maintain and issue a winding up petition despite a trust deed clause referring interpretation to English law and English jurisdiction. The statutory remedy under the Companies Act, 1956 was not excluded, and the trustee's locus was upheld. However, admission of the petition was refused because winding up is discretionary, not automatic on admitted debt and default. Given that the company was a functioning concern with substantial assets, employees, operating profits and revival prospects, the Court preferred restructuring and payment arrangements over liquidation. en-us Tue, 27 Jan 2015 00:00:00 +0530 Tue, 24 Feb 2015 07:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256867 A trustee expressly empowered to enforce bondholder rights was treated as a deemed creditor and could maintain and issue a winding up petition despite a trust deed clause referring interpretation to English law and English jurisdiction. The statutory remedy under the Companies Act, 1956 was not excluded, and the trustee's locus was upheld. However, admission of the petition was refused because winding up is discretionary, not automatic on admitted debt and default. Given that the company was a functioning concern with substantial assets, employees, operating profits and revival prospects, the Court preferred restructuring and payment arrangements over liquidation. Case-Laws Companies Law Tue, 27 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256867