https://www.taxtmi.com/caselaws?id=185999 A secured creditor may maintain a winding-up petition without first relinquishing or valuing its security, and ordinary insolvency rules do not bar that remedy. Defects in affidavit verification were treated as non-fatal because the deponent was conversant with the facts, and alleged ultra vires borrowing under Section 293(1)(d) did not defeat the petition where the transactions were supported by company sanction. A pending challenge to the Government's sanction under the Industries (Development and Regulation) Act did not justify stay or dismissal. Commercial and hopeless insolvency was found, so winding up was warranted, with limited postponement of the order's operation for negotiations. en-us Tue, 27 Aug 1968 00:00:00 +0530 Mon, 05 Sep 2016 14:14:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185999 A secured creditor may maintain a winding-up petition without first relinquishing or valuing its security, and ordinary insolvency rules do not bar that remedy. Defects in affidavit verification were treated as non-fatal because the deponent was conversant with the facts, and alleged ultra vires borrowing under Section 293(1)(d) did not defeat the petition where the transactions were supported by company sanction. A pending challenge to the Government's sanction under the Industries (Development and Regulation) Act did not justify stay or dismissal. Commercial and hopeless insolvency was found, so winding up was warranted, with limited postponement of the order's operation for negotiations. Case-Laws Companies Law Tue, 27 Aug 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185999