https://www.taxtmi.com/caselaws?id=199166 Balance-sheet entries, read with the directors' report, did not constitute a clear acknowledgment of a present subsisting debt in favour of the petitioning creditor. Although the claim appeared under liabilities, it was marked unconfirmed, and the directors' report stated that the relevant liabilities were treated as barred by limitation and not confirmed. Read together as part of the same financial disclosure, the statements failed to establish the necessary jural relationship of debtor and creditor to save limitation. The limitation defence was therefore held bona fide, and the winding up petition was not maintainable at this stage. en-us Wed, 27 Jun 1973 00:00:00 +0530 Wed, 21 Feb 2018 18:28:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199166 Balance-sheet entries, read with the directors' report, did not constitute a clear acknowledgment of a present subsisting debt in favour of the petitioning creditor. Although the claim appeared under liabilities, it was marked unconfirmed, and the directors' report stated that the relevant liabilities were treated as barred by limitation and not confirmed. Read together as part of the same financial disclosure, the statements failed to establish the necessary jural relationship of debtor and creditor to save limitation. The limitation defence was therefore held bona fide, and the winding up petition was not maintainable at this stage. Case-Laws Indian Laws Wed, 27 Jun 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199166