https://www.taxtmi.com/caselaws?id=309583 A company may be wound up for inability to pay its debts where the debt is admitted or otherwise sufficiently established, the statutory notice is not effectively answered, and no bona fide defence is shown. Here, the court found the respondent's liability supported by a cheque, part-payment, and a later confirmation of account acknowledging the outstanding amount, while the allegations of defective or undelivered goods lacked credible documentary support. The objection based on pending BIFR proceedings was also unsupported. On that material, the defence was treated as an afterthought and the debt as admitted and unpaid, justifying a winding-up order for commercial insolvency. en-us Thu, 03 May 2018 00:00:00 +0530 Mon, 11 Sep 2023 22:38:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309583 A company may be wound up for inability to pay its debts where the debt is admitted or otherwise sufficiently established, the statutory notice is not effectively answered, and no bona fide defence is shown. Here, the court found the respondent's liability supported by a cheque, part-payment, and a later confirmation of account acknowledging the outstanding amount, while the allegations of defective or undelivered goods lacked credible documentary support. The objection based on pending BIFR proceedings was also unsupported. On that material, the defence was treated as an afterthought and the debt as admitted and unpaid, justifying a winding-up order for commercial insolvency. Case-Laws Companies Law Thu, 03 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309583