https://www.taxtmi.com/caselaws?id=114010 Regular advances made in connection with tea sales were treated as money lending because the lender advanced money repeatedly over several years on interest, not as an isolated transaction. Tea plantation and tea production were treated as agricultural activities, so compound interest with quarterly rests on such borrowings was not enforceable as claimed. A winding-up petition could not be sustained where the debt was substantially disputed on facts and law, since winding up is not a substitute for debt recovery. The order admitting the winding-up petition was set aside, and the lender was left to pursue recovery in the proper forum. en-us Fri, 01 Aug 2008 00:00:00 +0530 Tue, 02 Dec 2014 19:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114010 Regular advances made in connection with tea sales were treated as money lending because the lender advanced money repeatedly over several years on interest, not as an isolated transaction. Tea plantation and tea production were treated as agricultural activities, so compound interest with quarterly rests on such borrowings was not enforceable as claimed. A winding-up petition could not be sustained where the debt was substantially disputed on facts and law, since winding up is not a substitute for debt recovery. The order admitting the winding-up petition was set aside, and the lender was left to pursue recovery in the proper forum. Case-Laws Companies Law Fri, 01 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114010