https://www.taxtmi.com/caselaws?id=257087 In winding up proceedings based on inability to pay a debt, a debtor must show a bona fide defence supported by contemporaneous material; inconsistent denials, acknowledgments of liability, post-dated cheques and admissions undermined the company's resistance, so the defence failed. Where payments had been made but were not clearly allocated against specific invoices, credit had to be given for the admitted remittances and the petition could proceed only for the proved outstanding balance. The admitted amount was therefore revised to reflect the balance remaining after such credit. en-us Tue, 02 Dec 2014 00:00:00 +0530 Mon, 02 Mar 2015 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257087 In winding up proceedings based on inability to pay a debt, a debtor must show a bona fide defence supported by contemporaneous material; inconsistent denials, acknowledgments of liability, post-dated cheques and admissions undermined the company's resistance, so the defence failed. Where payments had been made but were not clearly allocated against specific invoices, credit had to be given for the admitted remittances and the petition could proceed only for the proved outstanding balance. The admitted amount was therefore revised to reflect the balance remaining after such credit. Case-Laws Companies Law Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257087