https://www.taxtmi.com/caselaws?id=193579 A winding-up petition based on an alleged debt cannot succeed where the company raises a genuine and substantial dispute as to liability; the statutory presumption of inability to pay arises only for an undisputed debt neglected after demand, so the petition failed on that ground. A separate allegation of commercial insolvency or that the company was a bubble company also requires cogent material showing inability to meet admitted liabilities, and unsupported assertions are insufficient. On the record, the company was carrying on business and the insolvency allegation was not proved, so the winding-up grounds were rejected and admission of the petition was refused with costs. en-us Thu, 25 Jan 1979 00:00:00 +0530 Tue, 08 Aug 2017 12:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193579 A winding-up petition based on an alleged debt cannot succeed where the company raises a genuine and substantial dispute as to liability; the statutory presumption of inability to pay arises only for an undisputed debt neglected after demand, so the petition failed on that ground. A separate allegation of commercial insolvency or that the company was a bubble company also requires cogent material showing inability to meet admitted liabilities, and unsupported assertions are insufficient. On the record, the company was carrying on business and the insolvency allegation was not proved, so the winding-up grounds were rejected and admission of the petition was refused with costs. Case-Laws Indian Laws Thu, 25 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193579