https://www.taxtmi.com/caselaws?id=111879 A belated and unsupported allegation of defective supplies does not constitute a bona fide dispute against a winding-up petition where liability is admitted through correspondence and balance confirmation. Absence of contemporaneous quality complaints, independent technical evidence, or reliable proof of returned goods weakens a later debit-note-based defence. Where the company neither pays nor secures the admitted debt after statutory notice, and its financial position indicates severe losses and erosion of net worth, the debt is treated as due and payable and the company as unable to pay its debts. Winding up follows, with an official liquidator taking charge of assets and records. en-us Wed, 02 Jul 2008 00:00:00 +0530 Fri, 05 Dec 2014 14:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111879 A belated and unsupported allegation of defective supplies does not constitute a bona fide dispute against a winding-up petition where liability is admitted through correspondence and balance confirmation. Absence of contemporaneous quality complaints, independent technical evidence, or reliable proof of returned goods weakens a later debit-note-based defence. Where the company neither pays nor secures the admitted debt after statutory notice, and its financial position indicates severe losses and erosion of net worth, the debt is treated as due and payable and the company as unable to pay its debts. Winding up follows, with an official liquidator taking charge of assets and records. Case-Laws Companies Law Wed, 02 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111879