https://www.taxtmi.com/caselaws?id=185247 A secured creditor may present a winding-up petition without first relinquishing or valuing its security under company law. The Court also held that a substantial debt was proved from the banker-customer relationship, balance-sheets, revival letters, and statutory demand, while the company's objections did not amount to a bona fide or substantial dispute. Non-compliance with the demand and independent evidence established inability to pay current liabilities, justifying winding up. Balance-sheet acknowledgments and revival letters supported limitation, and alleged director conflict did not invalidate them as against the bank. Later suits and Order II Rule 2 did not bar the petition, and the just and equitable ground was not needed. en-us Tue, 19 Nov 1985 00:00:00 +0530 Fri, 05 Aug 2016 10:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185247 A secured creditor may present a winding-up petition without first relinquishing or valuing its security under company law. The Court also held that a substantial debt was proved from the banker-customer relationship, balance-sheets, revival letters, and statutory demand, while the company's objections did not amount to a bona fide or substantial dispute. Non-compliance with the demand and independent evidence established inability to pay current liabilities, justifying winding up. Balance-sheet acknowledgments and revival letters supported limitation, and alleged director conflict did not invalidate them as against the bank. Later suits and Order II Rule 2 did not bar the petition, and the just and equitable ground was not needed. Case-Laws Companies Law Tue, 19 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185247