https://www.taxtmi.com/caselaws?id=276503 The court appointed the Official Liquidator as the Provisional Liquidator of the respondent company under Section 450 of the Companies Act, 1956, due to the respondent's commercial insolvency and failure to pay outstanding debts, despite admissions and communications. The court found that the respondent company was incapable of discharging its liabilities, with multiple winding-up petitions already filed against it. The appointment aimed to safeguard the interests of the company's creditors, with the Provisional Liquidator tasked to take charge of the company's property and effects and submit a report within 60 days. en-us Tue, 21 Mar 2017 00:00:00 +0530 Tue, 13 Nov 2018 07:46:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276503 The court appointed the Official Liquidator as the Provisional Liquidator of the respondent company under Section 450 of the Companies Act, 1956, due to the respondent's commercial insolvency and failure to pay outstanding debts, despite admissions and communications. The court found that the respondent company was incapable of discharging its liabilities, with multiple winding-up petitions already filed against it. The appointment aimed to safeguard the interests of the company's creditors, with the Provisional Liquidator tasked to take charge of the company's property and effects and submit a report within 60 days. Case-Laws Companies Law Tue, 21 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276503