https://www.taxtmi.com/caselaws?id=277373 A statutory demand must be a formal demand executed 'under the hand' of the creditor or otherwise meet the statute's formal requirements, and must be made when the company is actually in default; solicitor demand letters or a manager's contemporaneous letter served before presentment completion do not satisfy this requirement, so they do not trigger the statutory three week consequence. Separately, reliance on a company's balance sheet or unpleaded material cannot conclusively establish inability to pay; absence of pleaded proof of insolvency prevents sustaining a compulsory winding up. Consequence: petition dismissed for defective demand and insufficient proof of inability to pay. en-us Wed, 24 Nov 1926 00:00:00 +0530 Mon, 03 Dec 2018 10:23:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277373 A statutory demand must be a formal demand executed 'under the hand' of the creditor or otherwise meet the statute's formal requirements, and must be made when the company is actually in default; solicitor demand letters or a manager's contemporaneous letter served before presentment completion do not satisfy this requirement, so they do not trigger the statutory three week consequence. Separately, reliance on a company's balance sheet or unpleaded material cannot conclusively establish inability to pay; absence of pleaded proof of insolvency prevents sustaining a compulsory winding up. Consequence: petition dismissed for defective demand and insufficient proof of inability to pay. Case-Laws Indian Laws Wed, 24 Nov 1926 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277373