https://www.taxtmi.com/caselaws?id=98944 The court rejected the company's contentions in an application for a stay of a Company Petition seeking winding up. The court found the company's defense improbable, lacking written evidence for an alleged oral agreement for set-off. Emphasizing the lack of support from the company's directors and failure to reply to statutory notice, the court held the winding-up application bona fide. The court ordered a permanent stay if the outstanding amount was paid by a specified date; failure would dismiss the stay application with costs, leading to further proceedings. The interim stay was to continue until the payment deadline. en-us Fri, 20 Aug 1971 00:00:00 +0530 Tue, 24 Jan 2012 16:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98944 The court rejected the company's contentions in an application for a stay of a Company Petition seeking winding up. The court found the company's defense improbable, lacking written evidence for an alleged oral agreement for set-off. Emphasizing the lack of support from the company's directors and failure to reply to statutory notice, the court held the winding-up application bona fide. The court ordered a permanent stay if the outstanding amount was paid by a specified date; failure would dismiss the stay application with costs, leading to further proceedings. The interim stay was to continue until the payment deadline. Case-Laws Companies Law Fri, 20 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98944