https://www.taxtmi.com/caselaws?id=103159 Where the principal debt is admitted, the company court in winding up proceedings may determine the creditor's claim for interest on that debt rather than requiring separate civil litigation, and it may apply the principles underlying section 61(2)(a) of the Sale of Goods Act, 1930 to fix a reasonable rate on the facts. On that basis, non-payment of the interest claim can support winding up for inability to pay debts. A statutory demand under section 434(1)(a) of the Companies Act, 1956 is not invalid merely because it does not expressly recite the consequences of default or use technical warning language; a valid demand need only call for payment and be followed by neglect to pay within the statutory period. en-us Tue, 03 Nov 1992 00:00:00 +0530 Tue, 21 Feb 2012 11:35:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103159 Where the principal debt is admitted, the company court in winding up proceedings may determine the creditor's claim for interest on that debt rather than requiring separate civil litigation, and it may apply the principles underlying section 61(2)(a) of the Sale of Goods Act, 1930 to fix a reasonable rate on the facts. On that basis, non-payment of the interest claim can support winding up for inability to pay debts. A statutory demand under section 434(1)(a) of the Companies Act, 1956 is not invalid merely because it does not expressly recite the consequences of default or use technical warning language; a valid demand need only call for payment and be followed by neglect to pay within the statutory period. Case-Laws Companies Law Tue, 03 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103159