https://www.taxtmi.com/caselaws?id=194457 A winding-up petition cannot proceed in summary jurisdiction where the respondent raises a bona fide triable defence based on unlicensed money-lending under the Bombay Money-Lenders Act, 1946. On the admitted receipt of principal, execution of the agreement and dishonour of cheques, the Court found prima facie material suggesting systematic lending and interest income, shifting the burden to the petitioner to show it was not a money lender. It also treated the negotiable-instrument exception as requiring a direct nexus between the advance and the cheque, which was disputed on the petitioner's own version. The respondent's material on solvency and the absence of contrary evidence also supported the defence, so the petition was not maintainable. en-us Thu, 29 Aug 2013 00:00:00 +0530 Fri, 08 Sep 2017 16:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194457 A winding-up petition cannot proceed in summary jurisdiction where the respondent raises a bona fide triable defence based on unlicensed money-lending under the Bombay Money-Lenders Act, 1946. On the admitted receipt of principal, execution of the agreement and dishonour of cheques, the Court found prima facie material suggesting systematic lending and interest income, shifting the burden to the petitioner to show it was not a money lender. It also treated the negotiable-instrument exception as requiring a direct nexus between the advance and the cheque, which was disputed on the petitioner's own version. The respondent's material on solvency and the absence of contrary evidence also supported the defence, so the petition was not maintainable. Case-Laws Companies Law Thu, 29 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194457