https://www.taxtmi.com/caselaws?id=104526 A winding up petition cannot rest on a disputed and unliquidated claim for interest where no written interest agreement exists and the principal amount has already been paid. The court noted that provisions under the Sale of Goods Act, the Interest Act and the Code of Civil Procedure only enable interest to be awarded in appropriate recovery proceedings; they do not by themselves create a present, ascertained debt for winding up. Because winding up requires proof of a definite debt and non-payment, an unascertained interest claim is insufficient to establish commercial insolvency. The petition was therefore not maintainable on that basis. en-us Tue, 25 Nov 1997 00:00:00 +0530 Wed, 29 Feb 2012 14:16:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104526 A winding up petition cannot rest on a disputed and unliquidated claim for interest where no written interest agreement exists and the principal amount has already been paid. The court noted that provisions under the Sale of Goods Act, the Interest Act and the Code of Civil Procedure only enable interest to be awarded in appropriate recovery proceedings; they do not by themselves create a present, ascertained debt for winding up. Because winding up requires proof of a definite debt and non-payment, an unascertained interest claim is insufficient to establish commercial insolvency. The petition was therefore not maintainable on that basis. Case-Laws Companies Law Tue, 25 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104526