https://www.taxtmi.com/caselaws?id=304244 A creditor's winding-up petition is not barred merely because the same debt is already being pursued before the Debts Recovery Tribunal. The company court must treat a winding-up petition as a proceeding to test whether the company is unable to pay its debts and whether liquidation is warranted, and it should examine the petition on merits at the receiving stage where debt, statutory notice and non-payment are pleaded. Pendency of parallel debt-recovery proceedings under the 1993 Act does not itself defeat admission of the winding-up petition, since the relief sought is liquidation rather than a money decree. The petition was therefore required to be restored for consideration in accordance with law. en-us Wed, 12 Apr 2017 00:00:00 +0530 Thu, 15 Sep 2022 07:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304244 A creditor's winding-up petition is not barred merely because the same debt is already being pursued before the Debts Recovery Tribunal. The company court must treat a winding-up petition as a proceeding to test whether the company is unable to pay its debts and whether liquidation is warranted, and it should examine the petition on merits at the receiving stage where debt, statutory notice and non-payment are pleaded. Pendency of parallel debt-recovery proceedings under the 1993 Act does not itself defeat admission of the winding-up petition, since the relief sought is liquidation rather than a money decree. The petition was therefore required to be restored for consideration in accordance with law. Case-Laws Companies Law Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304244