https://www.taxtmi.com/caselaws?id=99591 A winding up petition for inability to pay debts is not maintainable where the alleged liability is disputed, not presently payable, and depends on adjudication of contractual rights and obligations. The claim for prize money and refund of instalments turned on disputed issues concerning acceptance of security, the company's discretion to demand further security, and when any refund became due. Because the debt was not admitted and required a full contractual inquiry, the company court could not use winding up proceedings to determine the underlying liability. en-us Thu, 02 Feb 1978 00:00:00 +0530 Fri, 27 Jan 2012 18:56:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99591 A winding up petition for inability to pay debts is not maintainable where the alleged liability is disputed, not presently payable, and depends on adjudication of contractual rights and obligations. The claim for prize money and refund of instalments turned on disputed issues concerning acceptance of security, the company's discretion to demand further security, and when any refund became due. Because the debt was not admitted and required a full contractual inquiry, the company court could not use winding up proceedings to determine the underlying liability. Case-Laws Companies Law Thu, 02 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99591