https://www.taxtmi.com/caselaws?id=357734 A winding-up petition was treated as maintainable where the company admitted receipt of financial accommodation and liability to repay the principal with agreed interest, and the cheques issued in discharge of that liability were dishonoured for insufficiency of funds. An alleged oral arrangement to adjust the debt against flats at Kona was rejected because it was unsupported by any document and lacked credible substantiation. On that basis, the defence was found not bona fide and without merit, and the petition was admitted for the admitted dues with a direction to pay the quantified amount within the stipulated time. en-us Fri, 01 Dec 2017 00:00:00 +0530 Thu, 29 Mar 2018 07:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357734 A winding-up petition was treated as maintainable where the company admitted receipt of financial accommodation and liability to repay the principal with agreed interest, and the cheques issued in discharge of that liability were dishonoured for insufficiency of funds. An alleged oral arrangement to adjust the debt against flats at Kona was rejected because it was unsupported by any document and lacked credible substantiation. On that basis, the defence was found not bona fide and without merit, and the petition was admitted for the admitted dues with a direction to pay the quantified amount within the stipulated time. Case-Laws Companies Law Fri, 01 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357734