https://www.taxtmi.com/caselaws?id=126925 The High Court set aside an order for winding up based on an alleged debt acknowledgment, finding that an implied promise to pay a time-barred debt does not constitute a fresh cause of action under the Indian Contract Act. The court emphasized the need for an express promise to initiate legal action on time-barred debts and overturned the order for payment in the company petition. The judgment underscored the significance of explicit promises in legal actions involving debts and established legal principles, ultimately allowing the appeal and ordering a refund of any deposited amount to the appellant. en-us Mon, 21 Jun 2010 00:00:00 +0530 Sun, 05 Oct 2014 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126925 The High Court set aside an order for winding up based on an alleged debt acknowledgment, finding that an implied promise to pay a time-barred debt does not constitute a fresh cause of action under the Indian Contract Act. The court emphasized the need for an express promise to initiate legal action on time-barred debts and overturned the order for payment in the company petition. The judgment underscored the significance of explicit promises in legal actions involving debts and established legal principles, ultimately allowing the appeal and ordering a refund of any deposited amount to the appellant. Case-Laws Companies Law Mon, 21 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126925