https://www.taxtmi.com/caselaws?id=275258 Winding-up petitions under Section 433 are not maintainable where the alleged debt is bona fide disputed and the defence is substantial, because the phrase 'unable to pay its debts' is applied commercially and winding up must not be used as a device for debt recovery; accordingly, a petitioner relying on unadmitted ledger entries and contested professional-fee claims has not shown inability to pay or erosion of the company's substratum. The dispute over liability requires evidence and trial, and absent material showing no reasonable prospect of continuing as a going concern, just and equitable grounds for winding up are not established. en-us Thu, 15 Mar 2018 00:00:00 +0530 Tue, 25 Sep 2018 08:21:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275258 Winding-up petitions under Section 433 are not maintainable where the alleged debt is bona fide disputed and the defence is substantial, because the phrase 'unable to pay its debts' is applied commercially and winding up must not be used as a device for debt recovery; accordingly, a petitioner relying on unadmitted ledger entries and contested professional-fee claims has not shown inability to pay or erosion of the company's substratum. The dispute over liability requires evidence and trial, and absent material showing no reasonable prospect of continuing as a going concern, just and equitable grounds for winding up are not established. Case-Laws Companies Law Thu, 15 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275258