https://www.taxtmi.com/caselaws?id=97897 Commercial insolvency under the Companies Act, 1948 was assessed by whether the company could meet current liabilities. Unpaid wages, outstanding judgment debts, cut-off supplies, and unpaid creditors established inability to pay debts. A winding-up petition was not defeated merely because the precise balance of an admitted debt was disputed, since a disagreement only as to quantum did not amount to a bona fide dispute where creditor status and insolvency were otherwise shown. The commentary states that, on those principles, the petitioners were entitled to a compulsory winding-up order. en-us Thu, 30 Nov 1961 00:00:00 +0530 Wed, 18 Jan 2012 15:12:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97897 Commercial insolvency under the Companies Act, 1948 was assessed by whether the company could meet current liabilities. Unpaid wages, outstanding judgment debts, cut-off supplies, and unpaid creditors established inability to pay debts. A winding-up petition was not defeated merely because the precise balance of an admitted debt was disputed, since a disagreement only as to quantum did not amount to a bona fide dispute where creditor status and insolvency were otherwise shown. The commentary states that, on those principles, the petitioners were entitled to a compulsory winding-up order. Case-Laws Companies Law Thu, 30 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97897