https://www.taxtmi.com/caselaws?id=111028 A winding-up petition may be advertised where a company, after statutory demand, withholds an admitted contractual debt without showing a genuine dispute or reasonable excuse. The court applied Sections 433 and 434 of the Companies Act, 1956 and held that a mere refusal to pay is insufficient; the defence must disclose a real and substantial dispute. On the correspondence and conduct, the delay in completion was attributable to the company, the deductions from bills were not supported by a bona fide basis, and no unresolved dispute or arbitration issue justified non-payment. The defence was treated as moonshine, and the petition was found fit for advertisement. en-us Fri, 28 Oct 2005 00:00:00 +0530 Thu, 19 Apr 2012 18:04:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111028 A winding-up petition may be advertised where a company, after statutory demand, withholds an admitted contractual debt without showing a genuine dispute or reasonable excuse. The court applied Sections 433 and 434 of the Companies Act, 1956 and held that a mere refusal to pay is insufficient; the defence must disclose a real and substantial dispute. On the correspondence and conduct, the delay in completion was attributable to the company, the deductions from bills were not supported by a bona fide basis, and no unresolved dispute or arbitration issue justified non-payment. The defence was treated as moonshine, and the petition was found fit for advertisement. Case-Laws Companies Law Fri, 28 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111028