https://www.taxtmi.com/caselaws?id=112089 A winding-up petition is maintainable only where the company owes a definite debt and is unable to pay it; a bona fide dispute supported by a substantial defence prevents use of winding up as a debt-enforcement remedy. Here, the alleged liability was genuinely disputed, with substantial payments already made, settlements reached with other creditors, and a large deposit in the connected civil suit. The real controversy concerned pendente lite interest pending adjudication in that suit. On these facts, the debt was not an undisputed liability warranting winding up, so the petition was not maintainable and its dismissal was upheld. en-us Mon, 11 Feb 2008 00:00:00 +0530 Fri, 12 Dec 2014 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112089 A winding-up petition is maintainable only where the company owes a definite debt and is unable to pay it; a bona fide dispute supported by a substantial defence prevents use of winding up as a debt-enforcement remedy. Here, the alleged liability was genuinely disputed, with substantial payments already made, settlements reached with other creditors, and a large deposit in the connected civil suit. The real controversy concerned pendente lite interest pending adjudication in that suit. On these facts, the debt was not an undisputed liability warranting winding up, so the petition was not maintainable and its dismissal was upheld. Case-Laws Companies Law Mon, 11 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112089