https://www.taxtmi.com/caselaws?id=282916 A company may be wound up where its debt is admitted, its liabilities substantially exceed its assets, and there is no realistic prospect of revival. The Bombay HC applied this principle after noting repeated acknowledgement of the petitioners' debts, heavy indebtedness to multiple creditors, the absence of further funding from promoters or intervening lenders, and the withdrawal of a prospective investor. On those facts, the Court treated the company as commercially insolvent and concluded that winding up was warranted to protect creditors' interests and preserve the assets under court supervision. en-us Mon, 04 Dec 2017 00:00:00 +0530 Sat, 31 Aug 2019 07:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282916 A company may be wound up where its debt is admitted, its liabilities substantially exceed its assets, and there is no realistic prospect of revival. The Bombay HC applied this principle after noting repeated acknowledgement of the petitioners' debts, heavy indebtedness to multiple creditors, the absence of further funding from promoters or intervening lenders, and the withdrawal of a prospective investor. On those facts, the Court treated the company as commercially insolvent and concluded that winding up was warranted to protect creditors' interests and preserve the assets under court supervision. Case-Laws Companies Law Mon, 04 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282916