https://www.taxtmi.com/caselaws?id=199562 A banking company found unable to pay its debts was held subject to the mandatory winding-up mandate in the Banking Companies Act, and the general discretion under the Companies Act did not survive to that extent. The court also held that a scheme of composition under Section 391 of the Companies Act was not barred merely because winding up was in contemplation, but the proposed scheme failed because it rested on an unrealistic asset-liability assumption and no workable means of meeting creditors and depositors was shown. A formal winding-up petition was not indispensable where sufficient material, including the company's moratorium application and the Reserve Bank's report, established insolvency; on those facts, winding up could be directed. en-us Thu, 21 Aug 1958 00:00:00 +0530 Tue, 06 Mar 2018 17:59:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199562 A banking company found unable to pay its debts was held subject to the mandatory winding-up mandate in the Banking Companies Act, and the general discretion under the Companies Act did not survive to that extent. The court also held that a scheme of composition under Section 391 of the Companies Act was not barred merely because winding up was in contemplation, but the proposed scheme failed because it rested on an unrealistic asset-liability assumption and no workable means of meeting creditors and depositors was shown. A formal winding-up petition was not indispensable where sufficient material, including the company's moratorium application and the Reserve Bank's report, established insolvency; on those facts, winding up could be directed. Case-Laws Companies Law Thu, 21 Aug 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199562