https://www.taxtmi.com/caselaws?id=98231 The court dismissed the application for winding up National Industrial Corporation Ltd. The petition was based on the company's alleged inability to pay debts exceeding Rs. 500 within the statutory period. Despite evidence of financial stability post-1964, the petition relied on a debt transfer to Lakshmiji Sugar Mills. The court found a bona fide dispute over the debt's recoverability, leading to the dismissal. The court emphasized the need for proper legal resolution of the debt dispute and concluded that there were no grounds for a winding-up order. Each party was ordered to bear their own costs. en-us Mon, 02 Aug 1965 00:00:00 +0530 Thu, 19 Jan 2012 17:11:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98231 The court dismissed the application for winding up National Industrial Corporation Ltd. The petition was based on the company's alleged inability to pay debts exceeding Rs. 500 within the statutory period. Despite evidence of financial stability post-1964, the petition relied on a debt transfer to Lakshmiji Sugar Mills. The court found a bona fide dispute over the debt's recoverability, leading to the dismissal. The court emphasized the need for proper legal resolution of the debt dispute and concluded that there were no grounds for a winding-up order. Each party was ordered to bear their own costs. Case-Laws Companies Law Mon, 02 Aug 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98231