https://www.taxtmi.com/caselaws?id=112475 The Court dismissed the Company's petition for winding-up Motorola India Pvt. Ltd. The petitioner's claim for payment under an agreement was contested by the respondent, citing contingent liabilities and the definition of "debt" under the Companies Act. The Court emphasized the need for a present, due, and payable obligation to qualify as a debt for winding-up purposes, considering balance sheet provisions and express contract terms. Ultimately, the absence of a due and payable debt at the time of filing led to the dismissal of the petition. en-us Fri, 17 Apr 2009 00:00:00 +0530 Tue, 11 Nov 2014 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112475 The Court dismissed the Company's petition for winding-up Motorola India Pvt. Ltd. The petitioner's claim for payment under an agreement was contested by the respondent, citing contingent liabilities and the definition of "debt" under the Companies Act. The Court emphasized the need for a present, due, and payable obligation to qualify as a debt for winding-up purposes, considering balance sheet provisions and express contract terms. Ultimately, the absence of a due and payable debt at the time of filing led to the dismissal of the petition. Case-Laws Companies Law Fri, 17 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112475