https://www.taxtmi.com/caselaws?id=105379 A winding up petition based on inability to pay debts is not maintainable where the alleged liability arises only from a disputed contractual breach and a claimed damages assessment. A damages claim, whether liquidated or unliquidated, does not itself constitute an ascertained debt or existing pecuniary obligation; it becomes a debt only after adjudication establishes breach and quantifies liability. Even a contractual formula for calculating loss does not convert a unilateral computation into a debt when issues of breach, loss, and mitigation remain unresolved. The claim therefore remained disputed damages outside winding up jurisdiction. en-us Fri, 16 Mar 2001 00:00:00 +0530 Tue, 06 Jan 2026 00:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105379 A winding up petition based on inability to pay debts is not maintainable where the alleged liability arises only from a disputed contractual breach and a claimed damages assessment. A damages claim, whether liquidated or unliquidated, does not itself constitute an ascertained debt or existing pecuniary obligation; it becomes a debt only after adjudication establishes breach and quantifies liability. Even a contractual formula for calculating loss does not convert a unilateral computation into a debt when issues of breach, loss, and mitigation remain unresolved. The claim therefore remained disputed damages outside winding up jurisdiction. Case-Laws Companies Law Fri, 16 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105379