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Company when deemed unable to pay its debts

(1) A company shall be deemed to be unable to pay its debts,- (a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding one per cent of its paid-up capital or fifty thousand rupees, whichever is less, than due, has served on the company, by causing the same to be delivered by registered post or o...


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