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Companies Law - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Winding up petition - A company might be in a precarious ...

Companies Law

April 22, 2015

Winding up petition - A company might be in a precarious condition to pay off its creditor’s dues, that would be a “failure”. A high mighty, if willfully neglects to pay an admitted debt, that would certainly come within the mischief of “neglected” within the meaning of Section 434 (1)(a) - HC

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  1. Seeking winding up of respondent company - Failure to pay outstanding dues - section 434 of the Companies Act, 1956 - The court noted the substantial unpaid amount...

  2. Winding up of company - Dues not paid - winding up petition is not a legitimate means of seeking to enforce payment of the debt which is bona fide disputed by the company - HC

  3. Initiation of Corporate Insolvency Resolution Process - financial creditor - home buyers - failure to pay assured return /monthly rent - The applicants fall within the...

  4. Winding up petition - whether a secured creditor was within its right to maintain a petition for winding up without giving up its security - Held yes - HC

  5. Approval of Winding Up Petition for non-satisfaction of the award – There is no warrant to deprive a creditor with a decree of foreign Court and the same can also file a...

  6. Initiation of CIRP - Failure to pay outstanding salary dues to the employees - Operational Creditor has not received his dues from the Corporate Debtor and the...

  7. Winding up petition - machinery for winding up will not be allowed to utilize merely as a means for realizing its debts due from a company - HC

  8. Application before settlmetn commission - Failure to pay additional tax and interest – Permissibility to set off of brought forward losses or unabsorbed investment - Not...

  9. Priority in recovering dues - Secured Creditors or Crown debt - secured creditor has preference over the dues of the Income Tax Department.... - HC

  10. Winding up petition must fail - it makes no difference that the petitioning-creditor has a pending application before the Debt Recovery Tribunal - HC

 

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