https://www.taxtmi.com/caselaws?id=285187 The court allowed the petition for winding up the respondent company based on commercial insolvency and inability to pay debts. Despite the company's defenses regarding the quality of goods supplied and issuing post-dated cheques, the court found them unsubstantiated. The company's actions, including approaching the BIFR, indicated financial distress rather than a genuine attempt to settle debts. The court appointed an official liquidator to take charge of the company's assets and affairs, with directions for concerned directors to file their statements of affairs. The petition was disposed of, and the petitioner was ordered the return of a deposited amount. en-us Mon, 03 Sep 2018 00:00:00 +0530 Wed, 01 Jan 2020 14:38:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285187 The court allowed the petition for winding up the respondent company based on commercial insolvency and inability to pay debts. Despite the company's defenses regarding the quality of goods supplied and issuing post-dated cheques, the court found them unsubstantiated. The company's actions, including approaching the BIFR, indicated financial distress rather than a genuine attempt to settle debts. The court appointed an official liquidator to take charge of the company's assets and affairs, with directions for concerned directors to file their statements of affairs. The petition was disposed of, and the petitioner was ordered the return of a deposited amount. Case-Laws Insolvency and Bankruptcy Mon, 03 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285187