Tuesday, 29 July 2014

HC rejected winding-up of co. as it had proved its ability to pay debt

Company law: Where respondent company had sufficiently demonstrated that it was not incapable of paying its debts and it had made part payments even during course of this proceeding and submitted a schedule for further payments, respondent company was to be permitted to identify and enable sale of apartment in favour of a third party to discharge its dues to bank as well as petitioner company; winding up petition was to be closed


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