https://www.taxtmi.com/caselaws?id=459195 In a winding up petition for inability to pay debts, the Delhi HC held that admitted liability, repeated failure to honour payment undertakings, and the absence of any concrete repayment scheme justified admission of the petition despite the discretionary nature of the remedy. The company had already been granted substantial time and no further extension was warranted. Because the company was selectively paying some creditors while defaulting on the petitioner's admitted dues, the Court also directed appointment of the Official Liquidator as provisional liquidator to secure the company's assets pending further proceedings. en-us Mon, 06 Jan 2014 00:00:00 +0530 Wed, 04 Dec 2024 21:50:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459195 In a winding up petition for inability to pay debts, the Delhi HC held that admitted liability, repeated failure to honour payment undertakings, and the absence of any concrete repayment scheme justified admission of the petition despite the discretionary nature of the remedy. The company had already been granted substantial time and no further extension was warranted. Because the company was selectively paying some creditors while defaulting on the petitioner's admitted dues, the Court also directed appointment of the Official Liquidator as provisional liquidator to secure the company's assets pending further proceedings. Case-Laws Companies Law Mon, 06 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459195