https://www.taxtmi.com/caselaws?id=99711 A winding-up petition based on licence compensation failed because the claimed liability was bona fide disputed and not a clear, undisputed debt under section 434(1)(a) of the Companies Act, 1956. The company had already sought fixation of standard rent and licence charges under the Bombay Rents, Hotel and Lodging House Rates Control Act, 1947, so the demand was subject to statutory limits and could not be treated as simple neglect to pay. The court also found no material proof of commercial insolvency under section 433(f), as the company was carrying on business and had assets. Winding up was therefore refused and the petition dismissed with costs. en-us Thu, 25 Jan 1979 00:00:00 +0530 Sat, 28 Jan 2012 13:33:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99711 A winding-up petition based on licence compensation failed because the claimed liability was bona fide disputed and not a clear, undisputed debt under section 434(1)(a) of the Companies Act, 1956. The company had already sought fixation of standard rent and licence charges under the Bombay Rents, Hotel and Lodging House Rates Control Act, 1947, so the demand was subject to statutory limits and could not be treated as simple neglect to pay. The court also found no material proof of commercial insolvency under section 433(f), as the company was carrying on business and had assets. Winding up was therefore refused and the petition dismissed with costs. Case-Laws Companies Law Thu, 25 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99711