https://www.taxtmi.com/caselaws?id=459195 The Delhi HC admitted a winding up petition filed by a bank against a company under Section 433(e) of the Companies Act, 1956. Despite the company owing over Rs. 15 crores and multiple opportunities for settlement, the respondent failed to pay even an initial Rs. 1 crore or subsequent reduced installments of Rs. 27 lacs. The court noted that while winding up is discretionary and courts may accommodate financially distressed companies, the respondent's repeated failures to honor payment commitments and absence of a concrete repayment scheme warranted admission of the petition without further extensions. 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 The Delhi HC admitted a winding up petition filed by a bank against a company under Section 433(e) of the Companies Act, 1956. Despite the company owing over Rs. 15 crores and multiple opportunities for settlement, the respondent failed to pay even an initial Rs. 1 crore or subsequent reduced installments of Rs. 27 lacs. The court noted that while winding up is discretionary and courts may accommodate financially distressed companies, the respondent's repeated failures to honor payment commitments and absence of a concrete repayment scheme warranted admission of the petition without further extensions. Case-Laws Companies Law Mon, 06 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459195