https://www.taxtmi.com/caselaws?id=106192 A winding-up petition based on an asserted debt was held maintainable where the petitioner produced contemporaneous documentary evidence of advances and renewals, and the company's objections based on collateral securities, unstamped papers and alleged suppression were found insufficient to displace liability. The Court also held that the Bombay Money-Lenders' Act did not bar enforcement because the transaction fell within statutory exclusions and was not shown to be part of a regular money-lending business. In winding-up jurisdiction, the debt must be legally recoverable; that requirement was satisfied here, so the company was treated as justly indebted and was given time to pay or deposit the quantified amount, failing which the petition would stand admitted. en-us Tue, 20 Apr 1999 00:00:00 +0530 Tue, 13 Mar 2012 11:42:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106192 A winding-up petition based on an asserted debt was held maintainable where the petitioner produced contemporaneous documentary evidence of advances and renewals, and the company's objections based on collateral securities, unstamped papers and alleged suppression were found insufficient to displace liability. The Court also held that the Bombay Money-Lenders' Act did not bar enforcement because the transaction fell within statutory exclusions and was not shown to be part of a regular money-lending business. In winding-up jurisdiction, the debt must be legally recoverable; that requirement was satisfied here, so the company was treated as justly indebted and was given time to pay or deposit the quantified amount, failing which the petition would stand admitted. Case-Laws Companies Law Tue, 20 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106192