https://www.taxtmi.com/caselaws?id=459985 The court ruled that the appellant, who admitted to a debt of approximately Rs. 6.11 crores, would not be subjected to immediate winding up due to their temporary financial difficulties. Instead, the court allowed the appellant to repay the debt in 14 installments, provided they submit post-dated cheques and a personal undertaking from their Chairman and Managing Director. The court imposed conditions to protect the respondent's interests, specifying that the order would be vacated upon two defaults in payment. This decision emphasizes restructuring over liquidation, balancing the interests of creditors and debtors. en-us Tue, 04 Feb 2014 00:00:00 +0530 Tue, 07 Jan 2025 19:56:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459985 The court ruled that the appellant, who admitted to a debt of approximately Rs. 6.11 crores, would not be subjected to immediate winding up due to their temporary financial difficulties. Instead, the court allowed the appellant to repay the debt in 14 installments, provided they submit post-dated cheques and a personal undertaking from their Chairman and Managing Director. The court imposed conditions to protect the respondent's interests, specifying that the order would be vacated upon two defaults in payment. This decision emphasizes restructuring over liquidation, balancing the interests of creditors and debtors. Case-Laws Indian Laws Tue, 04 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459985