https://www.taxtmi.com/caselaws?id=459550 A winding up petition was held maintainable despite objections based on limitation and Section 69 of the Indian Partnership Act, 1932. The petition was treated as filed within three years of the final invoice and last payment, so the limitation objection failed. Section 69 was held inapplicable because a winding up petition under the Companies Act, 1956 is a statutory insolvency remedy, not a suit to enforce a contractual right. On the merits, unpaid debt after statutory notice, together with the absence of a proved bona fide dispute or evidence of solvency, established inability to pay debts under Sections 433(e) and 434(1)(a). The company was ordered to be wound up and the official liquidator directed to take charge. en-us Wed, 26 Dec 2012 00:00:00 +0530 Wed, 18 Dec 2024 11:54:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459550 A winding up petition was held maintainable despite objections based on limitation and Section 69 of the Indian Partnership Act, 1932. The petition was treated as filed within three years of the final invoice and last payment, so the limitation objection failed. Section 69 was held inapplicable because a winding up petition under the Companies Act, 1956 is a statutory insolvency remedy, not a suit to enforce a contractual right. On the merits, unpaid debt after statutory notice, together with the absence of a proved bona fide dispute or evidence of solvency, established inability to pay debts under Sections 433(e) and 434(1)(a). The company was ordered to be wound up and the official liquidator directed to take charge. Case-Laws Companies Law Wed, 26 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459550