Company - Tax arrears - unable to pay - compulsory liquidation

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..... e Board in consultation with the Ministry of Law. The Law Ministry has advised that a company is deemed to be unable to pay its debts if, following the service of the statutory notice under section 434(1)(a) of the Companies Act, 1956 demanding payment of the debt due to the creditor, the company fails within three weeks either to pay the sum demanded or secure or compound it to the reasonable sat .....

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