https://www.taxtmi.com/caselaws?id=105764 In winding up proceedings, a disputed claim for interest on unpaid invoices was not treated as an admitted debt. The court held that "debt" under section 433(e) of the Companies Act, 1956 means an ascertained and definite amount due, and does not extend to an interest claim needing adjudication or assessment. Although interest may be pursued in a money recovery action under the Sale of Goods Act, 1930 or the Interest Act, 1978, a company court should not quantify a bona fide disputed claim or convert winding up into debt recovery. After the principal was paid, the company was commercially solvent and the petition failed. en-us Fri, 01 Dec 2000 00:00:00 +0530 Wed, 07 Mar 2012 14:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105764 In winding up proceedings, a disputed claim for interest on unpaid invoices was not treated as an admitted debt. The court held that "debt" under section 433(e) of the Companies Act, 1956 means an ascertained and definite amount due, and does not extend to an interest claim needing adjudication or assessment. Although interest may be pursued in a money recovery action under the Sale of Goods Act, 1930 or the Interest Act, 1978, a company court should not quantify a bona fide disputed claim or convert winding up into debt recovery. After the principal was paid, the company was commercially solvent and the petition failed. Case-Laws Companies Law Fri, 01 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105764