https://www.taxtmi.com/caselaws?id=306710 The court allowed the petition for winding up under Sections 433 and 434 of the Companies Act, 1956, due to the respondent company's persistent failure to pay outstanding dues, leading to financial insolvency. Despite multiple chances and failed attempts to settle the dues, the court concluded that the respondent had lost its financial viability to operate under the Companies Act. Consequently, the court ordered the winding up of the company and appointed a Liquidator to take charge of the company's assets, properties, accounts, and belongings, with a directive to submit a report within eight weeks. en-us Fri, 21 Jul 2006 00:00:00 +0530 Mon, 20 Feb 2023 14:25:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306710 The court allowed the petition for winding up under Sections 433 and 434 of the Companies Act, 1956, due to the respondent company's persistent failure to pay outstanding dues, leading to financial insolvency. Despite multiple chances and failed attempts to settle the dues, the court concluded that the respondent had lost its financial viability to operate under the Companies Act. Consequently, the court ordered the winding up of the company and appointed a Liquidator to take charge of the company's assets, properties, accounts, and belongings, with a directive to submit a report within eight weeks. Case-Laws Companies Law Fri, 21 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306710