https://www.taxtmi.com/caselaws?id=108836 A winding-up petition based on alleged indebtedness requires reliable material showing a legally enforceable debt. The appellant could not prove that the amount advanced was a loan, as the surrounding circumstances, subsequent issue of shares with prior RBI permission, and the absence of evidence of repayment terms or interest did not support a debt claim. The court therefore upheld the dismissal of the petition, while leaving the appellant free to pursue other recovery remedies. en-us Thu, 19 Sep 2002 00:00:00 +0530 Wed, 04 Apr 2012 11:46:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108836 A winding-up petition based on alleged indebtedness requires reliable material showing a legally enforceable debt. The appellant could not prove that the amount advanced was a loan, as the surrounding circumstances, subsequent issue of shares with prior RBI permission, and the absence of evidence of repayment terms or interest did not support a debt claim. The court therefore upheld the dismissal of the petition, while leaving the appellant free to pursue other recovery remedies. Case-Laws Companies Law Thu, 19 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108836