https://www.taxtmi.com/caselaws?id=110429 A winding up petition for non-payment of debt is not maintainable where the alleged liability rests on an arbitral award that is under challenge under section 34 and has not yet become enforceable. The statutory presumption of inability to pay debts does not arise from a disputed or inchoate claim, and winding up cannot be used as a debt-recovery mechanism when the debt is not admitted or finally enforceable. On those facts, the petition failed. en-us Fri, 18 Jun 2004 00:00:00 +0530 Mon, 16 Apr 2012 17:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110429 A winding up petition for non-payment of debt is not maintainable where the alleged liability rests on an arbitral award that is under challenge under section 34 and has not yet become enforceable. The statutory presumption of inability to pay debts does not arise from a disputed or inchoate claim, and winding up cannot be used as a debt-recovery mechanism when the debt is not admitted or finally enforceable. On those facts, the petition failed. Case-Laws Companies Law Fri, 18 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110429