https://www.taxtmi.com/caselaws?id=211267 A winding-up petition is maintainable where the alleged debt is not shown to be bona fide disputed on substantial grounds. The court examined the correspondence and found that the company had acknowledged receipt of the transformer and had repeatedly sought time for payment, while its plea of further payments was unsubstantiated; the denial of liability was therefore not bona fide. The existence of an arbitration clause does not oust the company court's statutory power to entertain a winding-up petition, because an arbitrator cannot order winding up. On these principles, the petition was admitted. en-us Fri, 09 Sep 2011 00:00:00 +0530 Sat, 09 Feb 2013 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211267 A winding-up petition is maintainable where the alleged debt is not shown to be bona fide disputed on substantial grounds. The court examined the correspondence and found that the company had acknowledged receipt of the transformer and had repeatedly sought time for payment, while its plea of further payments was unsubstantiated; the denial of liability was therefore not bona fide. The existence of an arbitration clause does not oust the company court's statutory power to entertain a winding-up petition, because an arbitrator cannot order winding up. On these principles, the petition was admitted. Case-Laws Companies Law Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211267