Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2014 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 712 - KARNATAKA HIGH COURTWinding up of company - Inability to pay debts - Held that:- The respondent did not chose to reply to the notice and it is only in this proceedings, after service of notice manually, having entered appearance, had filed statement of objections, while admitting the transactions, though raising objections as to the varying dates in respect of which such liability may be due. The respondent has also stated that the tax authorities had seized the various documents pertaining to the transaction and that the respondents were not in a position to address the claim completely. It is in this manner that the respondent halfheartedly seeks to deny the liability - In any event, there was no compliance with the demand made under Section 434 of the Companies Act, 1956 and the attitude of the respondent to shy away from this court, would indicate on the face of it that the respondent is unable to pay its debts. Therefore the petition is allowed. The respondent is ordered to be wound up - Decided in favour of appellants.
|