https://www.taxtmi.com/caselaws?id=459414 The HC dismissed a winding-up petition against an educational company. The petitioner sought winding-up alleging non-payment of debt under a promissory note, claiming the respondent company had dishonest intentions to defraud. The court held that while statutory notice creates presumption of inability to pay debts, this is rebuttable. The respondent company was merely a guarantor without proper board resolution. Considering the company provides educational services to students and employs over 60 persons, winding-up would cause serious hardship. The court exercised discretion against winding-up, noting the disputed debt should be resolved in civil court rather than company court. en-us Tue, 04 Aug 2015 00:00:00 +0530 Thu, 12 Dec 2024 18:59:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459414 The HC dismissed a winding-up petition against an educational company. The petitioner sought winding-up alleging non-payment of debt under a promissory note, claiming the respondent company had dishonest intentions to defraud. The court held that while statutory notice creates presumption of inability to pay debts, this is rebuttable. The respondent company was merely a guarantor without proper board resolution. Considering the company provides educational services to students and employs over 60 persons, winding-up would cause serious hardship. The court exercised discretion against winding-up, noting the disputed debt should be resolved in civil court rather than company court. Case-Laws Companies Law Tue, 04 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459414