https://www.taxtmi.com/caselaws?id=459402 The Madras HC ordered winding up proceedings against a company for non-payment of acknowledged debt. The court rejected the respondent's arguments regarding validity of the Novation and Transfer Agreement and interpretation disputes, finding clear admission of liability through debt acknowledgment and statutory notice non-response. The court held that Manager (Law) qualified as an authorized officer under Rule 21 of Companies Court Rules, 1959, and established prima facie case of inability to pay under Section 433(e) of Companies Act, 1956, despite respondent's claims of liability transfer to another entity. en-us Fri, 25 Apr 2014 00:00:00 +0530 Wed, 11 Dec 2024 19:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459402 The Madras HC ordered winding up proceedings against a company for non-payment of acknowledged debt. The court rejected the respondent's arguments regarding validity of the Novation and Transfer Agreement and interpretation disputes, finding clear admission of liability through debt acknowledgment and statutory notice non-response. The court held that Manager (Law) qualified as an authorized officer under Rule 21 of Companies Court Rules, 1959, and established prima facie case of inability to pay under Section 433(e) of Companies Act, 1956, despite respondent's claims of liability transfer to another entity. Case-Laws Companies Law Fri, 25 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459402