https://www.taxtmi.com/caselaws?id=338087 A winding-up petition based on inability to pay debts will not be blocked by a defence unless the debt is bona fide disputed and the defence is substantial, supported by prima facie material. An admitted debt cannot be resisted by an unliquidated damages claim arising from the sale of pledged shares, especially where no agreement required the creditor to sell the shares in a particular manner or at all. The law of pledge does not impose a duty on the pledgee to exercise the power of sale merely at the pledgor's request. The asserted equitable set-off was therefore unavailable. en-us Tue, 17 Jan 2017 00:00:00 +0530 Wed, 25 Jan 2017 08:05:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338087 A winding-up petition based on inability to pay debts will not be blocked by a defence unless the debt is bona fide disputed and the defence is substantial, supported by prima facie material. An admitted debt cannot be resisted by an unliquidated damages claim arising from the sale of pledged shares, especially where no agreement required the creditor to sell the shares in a particular manner or at all. The law of pledge does not impose a duty on the pledgee to exercise the power of sale merely at the pledgor's request. The asserted equitable set-off was therefore unavailable. Case-Laws Companies Law Tue, 17 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338087