Smart Timing Steel Ltd. vs. National Steel and Agro Industries Ltd.

In order to initiate corporate insolvency resolution process against a corporate debtor, an operational creditor must obtain a certificate from the Financial Institution maintaining its account, confirming that that there is no payment of an unpaid operational debt by the Corporate Debtor.… Read More Smart Timing Steel Ltd. vs. National Steel and Agro Industries Ltd.

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Ashok Commercial Enterprises vs. Parekh Aluminex Ltd.

NCLT has jurisdiction over all winding up proceedings, including, inter alia, winding up on the ground of inability to pay debt, where such petition is served to a respondent after 15th December, 2016. For all other winding up petitions served before 15th December, 2016, High Court will continue to have jurisdiction.… Read More Ashok Commercial Enterprises vs. Parekh Aluminex Ltd.

Application of Principle of ‘Dissolution of Partnership’ to invoke Winding Up

Application of principle of ‘dissolution of partnership’ to invoke winding up of Company under Section 433(f) of Companies Act, 1956 Deadlock in the management of the company is one of the grounds which may make it equitable and just for the court to wind up a company under Section 433(f). Section 433 provides for the… Read More Application of Principle of ‘Dissolution of Partnership’ to invoke Winding Up

Indo Rolhard Industries Ltd. Vs. M.K. Mahajan & Anr.

[2013] 178 CompCas 282 (Delhi) FACTS: A petition was filed by two shareholders for winding up of the appellant-company under section 433 of the Companies Act, 1956. The company court by the impugned order admitted the petition, directed the company to be wound up and, ordered the citation to be published in the “Statesman” (English)… Read More Indo Rolhard Industries Ltd. Vs. M.K. Mahajan & Anr.

(Firm) Pars Ram-Brij Kishore v. Jagraon Trading Syndicate, Ltd.

(Firm) Pars Ram-Brij Kishore v. Jagraon Trading Syndicate, Ltd. FACTS  A petition was pub in by the liquidator of the Jagraon Trading Syndicate, Ltd., under Sections 187, 156 and 225, Companies Act, for a payment order against Rai Sahib L. Pars Ram Brij Kishore as a contributory of the Company for certain sum and interest… Read More (Firm) Pars Ram-Brij Kishore v. Jagraon Trading Syndicate, Ltd.