https://www.taxtmi.com/caselaws?id=338863 Corporate guarantee liabilities are co-extensive with those of the principal debtor and may support winding up where the guarantees are enforceable, the debt is due, and no substantial bona fide defence exists. Parallel debt-recovery proceedings or civil suits do not, by themselves, preclude winding-up proceedings. Foreign-law objections are inapplicable where the claim rests on contractual guarantee obligations rather than enforcement of a foreign decree, while objections concerning foreign creditors require proof of a statutory registration bar. Commercial insolvency may be established through admitted liabilities, erosion of net worth, recurring losses, inability to meet guarantee obligations, and the absence of a credible revival proposal, resulting in liquidation under the Companies Act, 1956. en-us Tue, 07 Feb 2017 00:00:00 +0530 Fri, 10 Feb 2017 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338863 Corporate guarantee liabilities are co-extensive with those of the principal debtor and may support winding up where the guarantees are enforceable, the debt is due, and no substantial bona fide defence exists. Parallel debt-recovery proceedings or civil suits do not, by themselves, preclude winding-up proceedings. Foreign-law objections are inapplicable where the claim rests on contractual guarantee obligations rather than enforcement of a foreign decree, while objections concerning foreign creditors require proof of a statutory registration bar. Commercial insolvency may be established through admitted liabilities, erosion of net worth, recurring losses, inability to meet guarantee obligations, and the absence of a credible revival proposal, resulting in liquidation under the Companies Act, 1956. Case-Laws Companies Law Tue, 07 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338863