https://www.taxtmi.com/caselaws?id=459972 The HC ordered the winding-up of the respondent company, finding it unable to pay its debts under Sections 433(e) and (f) of the Companies Act, 1956. The court determined that the respondent's failure to repay the acknowledged debt and lack of response to statutory notices indicated commercial insolvency. The argument that funds were for equity shares was dismissed due to insufficient evidence. Additionally, the proceedings before the BIFR, which found account manipulation, supported the court's decision. The Official Liquidator was appointed to manage the company's assets, and procedural directives were issued for compliance. en-us Tue, 03 Dec 2013 00:00:00 +0530 Tue, 07 Jan 2025 10:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459972 The HC ordered the winding-up of the respondent company, finding it unable to pay its debts under Sections 433(e) and (f) of the Companies Act, 1956. The court determined that the respondent's failure to repay the acknowledged debt and lack of response to statutory notices indicated commercial insolvency. The argument that funds were for equity shares was dismissed due to insufficient evidence. Additionally, the proceedings before the BIFR, which found account manipulation, supported the court's decision. The Official Liquidator was appointed to manage the company's assets, and procedural directives were issued for compliance. Case-Laws Companies Law Tue, 03 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459972