https://www.taxtmi.com/caselaws?id=102665 Share application money paid voluntarily for purchase of shares was treated as equity contribution, not as a deposit carrying interest. Because the company returned that money during the pendency of the winding-up petition, no subsisting debt remained on that ground. The separate salary claim of the ex-accountant was also treated as satisfied after the company assured payment within one week. On these facts, the petition disclosed no continuing creditor claim or other basis for winding up, and no interest was payable on the returned share application money. en-us Fri, 20 Jan 1995 00:00:00 +0530 Wed, 15 Feb 2012 16:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102665 Share application money paid voluntarily for purchase of shares was treated as equity contribution, not as a deposit carrying interest. Because the company returned that money during the pendency of the winding-up petition, no subsisting debt remained on that ground. The separate salary claim of the ex-accountant was also treated as satisfied after the company assured payment within one week. On these facts, the petition disclosed no continuing creditor claim or other basis for winding up, and no interest was payable on the returned share application money. Case-Laws Companies Law Fri, 20 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102665