https://www.taxtmi.com/caselaws?id=330617 In a winding-up petition, the court may admit the petition where substantial indebtedness is shown and the alleged dispute is not a bona fide defence. The claimed security did not defeat the petition because the mortgage relied on was created by the borrower, not the respondent company, and the realizable value was not shown to cover the debt. Earlier omissions in the pleadings were treated as corrected mistakes, so no disqualifying suppression was made out. The pending DRT proceedings did not oust the company court's jurisdiction, as it only examines indebtedness for winding up and does not decide the debt as a money claim. The company's assertion that it was a profit-making running concern also failed. en-us Thu, 23 Jun 2016 00:00:00 +0530 Mon, 01 Aug 2016 16:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330617 In a winding-up petition, the court may admit the petition where substantial indebtedness is shown and the alleged dispute is not a bona fide defence. The claimed security did not defeat the petition because the mortgage relied on was created by the borrower, not the respondent company, and the realizable value was not shown to cover the debt. Earlier omissions in the pleadings were treated as corrected mistakes, so no disqualifying suppression was made out. The pending DRT proceedings did not oust the company court's jurisdiction, as it only examines indebtedness for winding up and does not decide the debt as a money claim. The company's assertion that it was a profit-making running concern also failed. Case-Laws Companies Law Thu, 23 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330617