https://www.taxtmi.com/caselaws?id=101327 Winding-up petitions based on inability to pay an admitted debt focus at the preliminary stage on whether the company's defence is bona fide and shows prima facie substance and legal merit; if not, the petition may be proceeded with for advertisement. Documentary admission of liability and outstanding balance supports the petitioner's case, while unsubstantiated delay or loss contentions that contradict earlier admissions lack prima facie force. Claims about other secured creditors or bank indebtedness are ordinarily matters for later stages and are not decisive at the advertisement threshold. en-us Tue, 04 Feb 1986 00:00:00 +0530 Thu, 09 Feb 2012 13:37:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101327 Winding-up petitions based on inability to pay an admitted debt focus at the preliminary stage on whether the company's defence is bona fide and shows prima facie substance and legal merit; if not, the petition may be proceeded with for advertisement. Documentary admission of liability and outstanding balance supports the petitioner's case, while unsubstantiated delay or loss contentions that contradict earlier admissions lack prima facie force. Claims about other secured creditors or bank indebtedness are ordinarily matters for later stages and are not decisive at the advertisement threshold. Case-Laws Companies Law Tue, 04 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101327