https://www.taxtmi.com/caselaws?id=365034 Non-payment of a duly served statutory demand for admitted dues, without the company securing or compounding the debt within the statutory period, can attract the deeming provision of inability to pay debts. The stated facts also pointed to financial distress, including losses and erosion of capital, which supported the conclusion that the company was unable to meet its liabilities. On that basis, the company was treated as liable to be wound up, and the winding-up petition was allowed with appointment of the official liquidator to take charge of its assets and affairs in accordance with law. en-us Fri, 03 Aug 2018 00:00:00 +0530 Thu, 09 Aug 2018 07:28:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365034 Non-payment of a duly served statutory demand for admitted dues, without the company securing or compounding the debt within the statutory period, can attract the deeming provision of inability to pay debts. The stated facts also pointed to financial distress, including losses and erosion of capital, which supported the conclusion that the company was unable to meet its liabilities. On that basis, the company was treated as liable to be wound up, and the winding-up petition was allowed with appointment of the official liquidator to take charge of its assets and affairs in accordance with law. Case-Laws Companies Law Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365034