https://www.taxtmi.com/caselaws?id=186002 The court held that a company cannot re-agitate the merits of a claim at the post-admission stage of a creditor's winding-up petition. Once a creditor's winding-up petition is admitted, the debt is deemed due and owing. The company cannot offer security at the post-advertisement stage. The company, Baljit Securities Ltd., was directed to be wound up under the Companies Act, 1956. The official liquidator will take control of the company's assets. The winding-up order can be avoided if the company pays the amount owed to the petitioner. en-us Tue, 26 Jun 2012 00:00:00 +0530 Mon, 05 Sep 2016 14:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186002 The court held that a company cannot re-agitate the merits of a claim at the post-admission stage of a creditor's winding-up petition. Once a creditor's winding-up petition is admitted, the debt is deemed due and owing. The company cannot offer security at the post-advertisement stage. The company, Baljit Securities Ltd., was directed to be wound up under the Companies Act, 1956. The official liquidator will take control of the company's assets. The winding-up order can be avoided if the company pays the amount owed to the petitioner. Case-Laws Companies Law Tue, 26 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186002