Statutory notice debt dispute led to winding up petition admission after the company failed to rebut the unpaid balance.

A company's reply to a statutory notice was found insufficient to rebut the petitioning creditor's claim, leaving the admitted balance unpaid and supporting the view that the debt remained unsatisfied. On that basis, the company was treated as unable to meet the amount claimed in the notice, and the winding up petition was admitted for the principal sum with interest. The petition was kept in abeyance for payment within the stipulated period, with advertisement to follow if payment was not made.

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Issues: Whether the company was liable for the balance amount claimed in the statutory notice and whether the winding up petition was liable to be admitted.

Analysis: The company's reply to the statutory notice was found insufficient to displace the petitioning creditor's claim. The admitted balance sum remained unpaid, which justified proceeding on the footing that the company was unable to satisfy the debt claimed in the notice.

Conclusion: The company was held liable to pay the claimed balance amount, and the winding up petition was admitted for the principal sum with interest. The petition was kept in abeyance on payment within the stipulated period, failing which it was to be advertised.

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