https://www.taxtmi.com/caselaws?id=106678 A creditor's winding up petition cannot be used to enforce a debt that is bona fide disputed, because mere non-payment does not by itself trigger the statutory presumption of inability to pay. Where the record shows a genuine dispute over mutual adjustments and liability for rent under the parties' arrangements, the claim requires adjudication outside winding up proceedings. The company's financial statements also showed profitability and substantial assets, negativing any inference of commercial insolvency. The petition was therefore not maintainable as a debt-enforcement device, and no ground for winding up was made out. en-us Tue, 05 Mar 2002 00:00:00 +0530 Thu, 15 Mar 2012 12:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106678 A creditor's winding up petition cannot be used to enforce a debt that is bona fide disputed, because mere non-payment does not by itself trigger the statutory presumption of inability to pay. Where the record shows a genuine dispute over mutual adjustments and liability for rent under the parties' arrangements, the claim requires adjudication outside winding up proceedings. The company's financial statements also showed profitability and substantial assets, negativing any inference of commercial insolvency. The petition was therefore not maintainable as a debt-enforcement device, and no ground for winding up was made out. Case-Laws Companies Law Tue, 05 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106678