https://www.taxtmi.com/caselaws?id=257480 A secured creditor may maintain a winding up petition even though it holds security, because the court's discretion turns on whether that security is efficacious and adequate; on the facts, the security was found insufficient and the petition was maintainable. Pendency of recovery proceedings before the Debt Recovery Tribunal does not oust Company Court jurisdiction, because winding up is an insolvency remedy distinct from debt recovery and the Tribunal cannot order winding up. The admission of the winding up petition was therefore sustained. en-us Tue, 02 Dec 2014 00:00:00 +0530 Fri, 13 Mar 2015 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257480 A secured creditor may maintain a winding up petition even though it holds security, because the court's discretion turns on whether that security is efficacious and adequate; on the facts, the security was found insufficient and the petition was maintainable. Pendency of recovery proceedings before the Debt Recovery Tribunal does not oust Company Court jurisdiction, because winding up is an insolvency remedy distinct from debt recovery and the Tribunal cannot order winding up. The admission of the winding up petition was therefore sustained. Case-Laws Companies Law Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257480