https://www.taxtmi.com/caselaws?id=338863 Corporate guarantees were treated as co-extensive with the principal debtor's liability, and challenges based on coercion, duress or alleged invalidity were not accepted as substantial defences where correspondence, audited accounts and a recovery order supported the quantified debt. The note also explains that pending DRT proceedings, civil suits, foreign-law objections and objections based on the creditors being foreign companies do not, by themselves, bar winding up where the claim rests on contractual guarantee obligations and no statutory bar is proved. It further states that recurring losses, eroded net worth, unpaid admitted liabilities and no credible revival plan indicate commercial insolvency, justifying liquidation. 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 guarantees were treated as co-extensive with the principal debtor's liability, and challenges based on coercion, duress or alleged invalidity were not accepted as substantial defences where correspondence, audited accounts and a recovery order supported the quantified debt. The note also explains that pending DRT proceedings, civil suits, foreign-law objections and objections based on the creditors being foreign companies do not, by themselves, bar winding up where the claim rests on contractual guarantee obligations and no statutory bar is proved. It further states that recurring losses, eroded net worth, unpaid admitted liabilities and no credible revival plan indicate commercial insolvency, justifying liquidation. Case-Laws Companies Law Tue, 07 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338863