https://www.taxtmi.com/caselaws?id=105458 A winding-up petition was held not maintainable where the alleged debt was bona fide disputed on substantial grounds, the claim had not crystallised with certainty, and arbitration on the same cause was already pending. The Court treated winding-up jurisdiction as unavailable for enforcing a contested debt or exerting payment pressure, particularly where the petitioner had an efficacious civil remedy. The existence of personal guarantees and mortgage security also indicated that the petitioner was a secured creditor able to proceed against its security, rather than invoke inability to pay as a basis for winding up. The petition was therefore rejected and dismissed with costs. en-us Wed, 11 Jul 2001 00:00:00 +0530 Mon, 05 Mar 2012 17:02:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105458 A winding-up petition was held not maintainable where the alleged debt was bona fide disputed on substantial grounds, the claim had not crystallised with certainty, and arbitration on the same cause was already pending. The Court treated winding-up jurisdiction as unavailable for enforcing a contested debt or exerting payment pressure, particularly where the petitioner had an efficacious civil remedy. The existence of personal guarantees and mortgage security also indicated that the petitioner was a secured creditor able to proceed against its security, rather than invoke inability to pay as a basis for winding up. The petition was therefore rejected and dismissed with costs. Case-Laws Companies Law Wed, 11 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105458