https://www.taxtmi.com/caselaws?id=258274 Whether the respondent company is unable to pay its debts for winding up under Sections 433 and 434 depended on a material dispute over the existence and quantum of the debt and evidence of an intervening payment; the court applied the principle that where debt liability or amount is materially disputed and there is evidence of payment, winding up for inability to pay will not be ordered. Outcome: petition for winding up dismissed; no conclusive finding of inability to pay and petitioner may pursue ordinary recovery proceedings for disputed sums. en-us Thu, 17 Jul 2014 00:00:00 +0530 Thu, 25 Sep 2014 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258274 Whether the respondent company is unable to pay its debts for winding up under Sections 433 and 434 depended on a material dispute over the existence and quantum of the debt and evidence of an intervening payment; the court applied the principle that where debt liability or amount is materially disputed and there is evidence of payment, winding up for inability to pay will not be ordered. Outcome: petition for winding up dismissed; no conclusive finding of inability to pay and petitioner may pursue ordinary recovery proceedings for disputed sums. Case-Laws Companies Law Thu, 17 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258274