https://www.taxtmi.com/caselaws?id=459354 The Gujarat HC admitted a winding up petition under Sections 433(e), 434(1)(c) and 439(1)(b) of the Companies Act, 1956 against the respondent company for inability to pay debts totaling US$ 371,019.00. The court rejected the respondent's defense that the debt was time-barred, finding that company resolutions and meeting minutes clearly indicated the debt remained valid. The court also dismissed arguments regarding conditional obligations based on changed circumstances, noting that email exchanges showed knowledge of outcomes but did not create binding conditions absolving payment obligations. The respondent was granted time until 16.06.2014 to discharge its liability, with further advertisement orders to follow upon default. en-us Thu, 03 Apr 2014 00:00:00 +0530 Tue, 10 Dec 2024 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459354 The Gujarat HC admitted a winding up petition under Sections 433(e), 434(1)(c) and 439(1)(b) of the Companies Act, 1956 against the respondent company for inability to pay debts totaling US$ 371,019.00. The court rejected the respondent's defense that the debt was time-barred, finding that company resolutions and meeting minutes clearly indicated the debt remained valid. The court also dismissed arguments regarding conditional obligations based on changed circumstances, noting that email exchanges showed knowledge of outcomes but did not create binding conditions absolving payment obligations. The respondent was granted time until 16.06.2014 to discharge its liability, with further advertisement orders to follow upon default. Case-Laws Companies Law Thu, 03 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459354