https://www.taxtmi.com/caselaws?id=194538 Winding up for inability to pay debts was treated as inappropriate where the debt was not shown to be truly indisputable and the company raised a bona fide defence. The Court noted that non-payment after statutory notice normally attracts the presumption under the Companies Act, 1956, but cross-transactions, common control of group companies, and possible adjustment or set-off raised a substantial triable issue. Whether the concerns operated as one commercial unit and whether the liabilities were legally or equitably adjusted required civil trial, not summary insolvency determination. The petition was refused admission and the creditor was left to pursue a civil remedy, with limitation excluded for the relevant period. en-us Fri, 16 Oct 2015 00:00:00 +0530 Tue, 12 Sep 2017 21:47:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194538 Winding up for inability to pay debts was treated as inappropriate where the debt was not shown to be truly indisputable and the company raised a bona fide defence. The Court noted that non-payment after statutory notice normally attracts the presumption under the Companies Act, 1956, but cross-transactions, common control of group companies, and possible adjustment or set-off raised a substantial triable issue. Whether the concerns operated as one commercial unit and whether the liabilities were legally or equitably adjusted required civil trial, not summary insolvency determination. The petition was refused admission and the creditor was left to pursue a civil remedy, with limitation excluded for the relevant period. Case-Laws Companies Law Fri, 16 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194538