https://www.taxtmi.com/caselaws?id=265268 The Court admits the winding-up petitions due to the Respondent Company's inability to pay its debts, rejecting the defense of temporary financial crises. Despite claims of substantial assets, the Company's financial status shows significant losses and concerns raised by auditors. The Court exercises discretion, finding no reasonable prospect of revival and orders the advertisement of the admission order, restraining asset disposal without court permission. The Respondent must submit latest financials, with an injunction order in place to safeguard stakeholders' interests, including workmen. en-us Thu, 01 Oct 2015 00:00:00 +0530 Fri, 09 Oct 2015 07:41:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265268 The Court admits the winding-up petitions due to the Respondent Company's inability to pay its debts, rejecting the defense of temporary financial crises. Despite claims of substantial assets, the Company's financial status shows significant losses and concerns raised by auditors. The Court exercises discretion, finding no reasonable prospect of revival and orders the advertisement of the admission order, restraining asset disposal without court permission. The Respondent must submit latest financials, with an injunction order in place to safeguard stakeholders' interests, including workmen. Case-Laws Companies Law Thu, 01 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265268