https://www.taxtmi.com/caselaws?id=104515 A winding up petition based on inability to pay debts requires a clear, certain and undisputed debt. Where the principal amount has been paid and only an interest claim remains, the company court will not treat the proceeding as a recovery forum if the interest is not shown to arise from any pleaded contractual basis. On the facts stated, the petition did not disclose how the claimed interest was calculated, and the respondent's objection to that claim was bona fide. The petition was therefore not maintainable on the disputed interest claim and was disallowed. en-us Mon, 31 Mar 1997 00:00:00 +0530 Wed, 29 Feb 2012 13:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104515 A winding up petition based on inability to pay debts requires a clear, certain and undisputed debt. Where the principal amount has been paid and only an interest claim remains, the company court will not treat the proceeding as a recovery forum if the interest is not shown to arise from any pleaded contractual basis. On the facts stated, the petition did not disclose how the claimed interest was calculated, and the respondent's objection to that claim was bona fide. The petition was therefore not maintainable on the disputed interest claim and was disallowed. Case-Laws Companies Law Mon, 31 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104515