https://www.taxtmi.com/caselaws?id=285176 A winding up petition based on admitted debt was upheld because the company failed to show a bona fide, substantial defence or counter-claim supported by prima facie proof. Allegations of confidentiality breach, negligence, or future damages were treated as speculative and unquantified, and did not displace the existing indebtedness. The Court also recognised that a secured creditor could present the petition and found that the company had ceased manufacturing, remained financially unviable, and was unable to pay its debts. The objections on substratum and duplication of claims were rejected, and winding up followed. en-us Fri, 15 Apr 1988 00:00:00 +0530 Wed, 01 Jan 2020 13:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285176 A winding up petition based on admitted debt was upheld because the company failed to show a bona fide, substantial defence or counter-claim supported by prima facie proof. Allegations of confidentiality breach, negligence, or future damages were treated as speculative and unquantified, and did not displace the existing indebtedness. The Court also recognised that a secured creditor could present the petition and found that the company had ceased manufacturing, remained financially unviable, and was unable to pay its debts. The objections on substratum and duplication of claims were rejected, and winding up followed. Case-Laws Indian Laws Fri, 15 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285176