https://www.taxtmi.com/caselaws?id=199346 Where money advanced is supported by contemporaneous records and post-dated cheques, and the rival plea of share application money lacks any application, correspondence, or reliable basis, the amount may be treated as an unsecured loan. Continued non-payment after demand, refusal of statutory notice treated as service, and cheque dishonour can establish default. Balance-sheet material showing substantial liabilities and negligible assets may also indicate inability to pay debts, supporting admission of a winding-up petition under the Companies Act, 1956. A defence based on absence of board resolution may fail where a resolution is produced on record. en-us Thu, 08 Sep 2016 00:00:00 +0530 Mon, 26 Feb 2018 17:36:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199346 Where money advanced is supported by contemporaneous records and post-dated cheques, and the rival plea of share application money lacks any application, correspondence, or reliable basis, the amount may be treated as an unsecured loan. Continued non-payment after demand, refusal of statutory notice treated as service, and cheque dishonour can establish default. Balance-sheet material showing substantial liabilities and negligible assets may also indicate inability to pay debts, supporting admission of a winding-up petition under the Companies Act, 1956. A defence based on absence of board resolution may fail where a resolution is produced on record. Case-Laws Companies Law Thu, 08 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199346