https://www.taxtmi.com/caselaws?id=431110 A winding up order should be set aside where the petitioning creditor's claim is settled, secured creditor dues are discharged under an OTS, and no other substantial liabilities are shown. The material must justify liquidation as a last-resort remedy; mere non-appearance by the company and an initially treated-as-established debt are insufficient if the debt basis disappears and revival remains viable. On these facts, the foundation for liquidation was removed and the company was allowed to stand revived. en-us Fri, 25 Nov 2022 00:00:00 +0530 Tue, 06 Dec 2022 09:39:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431110 A winding up order should be set aside where the petitioning creditor's claim is settled, secured creditor dues are discharged under an OTS, and no other substantial liabilities are shown. The material must justify liquidation as a last-resort remedy; mere non-appearance by the company and an initially treated-as-established debt are insufficient if the debt basis disappears and revival remains viable. On these facts, the foundation for liquidation was removed and the company was allowed to stand revived. Case-Laws Companies Law Fri, 25 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431110