Winding up by court ‑ Petition for winding up ‑ Management to be asked about non‑payment of debts before approving presentation of petitions under sub‑section (5)

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..... gement to be asked about non ‑ payment of debts before approving presentation of petitions under sub ‑ section (5) It is noticed by the Department that in certain cases sanction is accorded by the Regional Directors under section 439(5)/433(e) to file petitions for compulsory winding up of the companies on the basis that their liabilities exceeded assets by a wide margin as per .....

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