https://www.taxtmi.com/caselaws?id=197653 A secured creditor is not excluded from presenting a winding up petition merely because it holds security or has invoked SARFAESI remedies. The court treated the petitioning creditor as a creditor within the winding up provisions and held that maintainability may rest on deemed insolvency after notice of demand or on the company's broader inability to pay its debts. The existence of mortgaged assets did not by itself defeat admission where the company's financial position showed commercial insolvency, and no bona fide dispute was raised to resist the petition. On that basis, the winding up petition was held maintainable and refusal to admit it was erroneous. en-us Wed, 13 Feb 2013 00:00:00 +0530 Thu, 11 Jan 2018 16:15:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197653 A secured creditor is not excluded from presenting a winding up petition merely because it holds security or has invoked SARFAESI remedies. The court treated the petitioning creditor as a creditor within the winding up provisions and held that maintainability may rest on deemed insolvency after notice of demand or on the company's broader inability to pay its debts. The existence of mortgaged assets did not by itself defeat admission where the company's financial position showed commercial insolvency, and no bona fide dispute was raised to resist the petition. On that basis, the winding up petition was held maintainable and refusal to admit it was erroneous. Case-Laws Companies Law Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197653