https://www.taxtmi.com/caselaws?id=342637 A winding up petition may succeed where an admitted debt remains unpaid after statutory notice and the company fails to show a bona fide, substantial dispute. The court rejected mutually destructive defences that the payment was either for a third company's liability or a loan repayable later under an alleged e-mail arrangement, holding that the e-mail lacked essential terms and was not a binding contract. The consultancy-based explanation was treated as irrelevant to the petitioner's separate claim and unsupported by credible material. With no repayment after notice and no public interest ground against winding up, the debt was treated as due, neglected and unpaid, and the company was ordered to be wound up. en-us Fri, 07 Apr 2017 00:00:00 +0530 Tue, 09 May 2017 07:41:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342637 A winding up petition may succeed where an admitted debt remains unpaid after statutory notice and the company fails to show a bona fide, substantial dispute. The court rejected mutually destructive defences that the payment was either for a third company's liability or a loan repayable later under an alleged e-mail arrangement, holding that the e-mail lacked essential terms and was not a binding contract. The consultancy-based explanation was treated as irrelevant to the petitioner's separate claim and unsupported by credible material. With no repayment after notice and no public interest ground against winding up, the debt was treated as due, neglected and unpaid, and the company was ordered to be wound up. Case-Laws Companies Law Fri, 07 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342637