https://www.taxtmi.com/caselaws?id=194213 An admitted debt left unpaid after a settlement arrangement supported winding up because the company's alleged defects in the engines and pending civil suit did not amount to a bona fide, substantial dispute. The court treated a sham or moonshine defence as insufficient to resist a petition based on inability to pay debts, especially where persistent default and commercial insolvency were shown. The foreign-company objection also failed because the material did not establish a legally relevant place of business or office in India, and no proof supported the claimed statutory bar. The petition was therefore allowed and the company ordered to be wound up. en-us Fri, 18 Nov 2016 00:00:00 +0530 Fri, 01 Sep 2017 07:44:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194213 An admitted debt left unpaid after a settlement arrangement supported winding up because the company's alleged defects in the engines and pending civil suit did not amount to a bona fide, substantial dispute. The court treated a sham or moonshine defence as insufficient to resist a petition based on inability to pay debts, especially where persistent default and commercial insolvency were shown. The foreign-company objection also failed because the material did not establish a legally relevant place of business or office in India, and no proof supported the claimed statutory bar. The petition was therefore allowed and the company ordered to be wound up. Case-Laws Indian Laws Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194213