https://www.taxtmi.com/caselaws?id=110141 A winding up petition based on an onerous gift transaction failed because the alleged liability was not shown to be an undisputed, legally recoverable debt. The Court treated the arrangement, the continuing obligations under the deed, uncertainty after dissolution of the firm, and related civil proceedings as creating a bona fide dispute that could not be resolved in company winding up jurisdiction. It also held that limitation raised a substantial defence, and the alleged balance-sheet acknowledgments were open to challenge on timing, authority, and genuineness. The petitions were dismissed because the dispute over debt and limitation required adjudication elsewhere. en-us Wed, 10 Aug 2005 00:00:00 +0530 Fri, 13 Apr 2012 18:27:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110141 A winding up petition based on an onerous gift transaction failed because the alleged liability was not shown to be an undisputed, legally recoverable debt. The Court treated the arrangement, the continuing obligations under the deed, uncertainty after dissolution of the firm, and related civil proceedings as creating a bona fide dispute that could not be resolved in company winding up jurisdiction. It also held that limitation raised a substantial defence, and the alleged balance-sheet acknowledgments were open to challenge on timing, authority, and genuineness. The petitions were dismissed because the dispute over debt and limitation required adjudication elsewhere. Case-Laws Companies Law Wed, 10 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110141