https://www.taxtmi.com/caselaws?id=258010 A winding up petition was treated as maintainable where the company admitted substantial indebtedness and present inability to repay. Its plea for rehabilitation, restructuring, or further financial support was not accepted as a bona fide dispute about the debt itself. The Court noted that alleged arbitrariness, financial distress, or a possible revival plan did not negate the admitted liability, and that the availability of another recovery remedy did not bar winding up proceedings because they are not recovery actions. The bank could not be compelled to extend further assistance against its commercial judgment, and the petition was admitted. en-us Mon, 25 Aug 2014 00:00:00 +0530 Tue, 24 Mar 2015 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258010 A winding up petition was treated as maintainable where the company admitted substantial indebtedness and present inability to repay. Its plea for rehabilitation, restructuring, or further financial support was not accepted as a bona fide dispute about the debt itself. The Court noted that alleged arbitrariness, financial distress, or a possible revival plan did not negate the admitted liability, and that the availability of another recovery remedy did not bar winding up proceedings because they are not recovery actions. The bank could not be compelled to extend further assistance against its commercial judgment, and the petition was admitted. Case-Laws Companies Law Mon, 25 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258010