https://www.taxtmi.com/caselaws?id=100165 The court dismissed the winding-up petition, ruling in favor of the company. The court found that the company's bona fide counter-claim, supported by an award exceeding the petitioner's claim, constituted a valid defense. Emphasizing the existence of a genuine dispute regarding the debt, the court held that the company had not "neglected to pay" within the meaning of Section 434(1)(a) of the Companies Act, 1956. The court highlighted that a reasonable cause for non-payment, such as a bona fide cross-claim, could negate the grounds for winding-up. en-us Thu, 17 Dec 1981 00:00:00 +0530 Tue, 31 Jan 2012 14:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100165 The court dismissed the winding-up petition, ruling in favor of the company. The court found that the company's bona fide counter-claim, supported by an award exceeding the petitioner's claim, constituted a valid defense. Emphasizing the existence of a genuine dispute regarding the debt, the court held that the company had not "neglected to pay" within the meaning of Section 434(1)(a) of the Companies Act, 1956. The court highlighted that a reasonable cause for non-payment, such as a bona fide cross-claim, could negate the grounds for winding-up. Case-Laws Companies Law Thu, 17 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100165