https://www.taxtmi.com/caselaws?id=458773 A winding up petition based on an alleged debt was not maintainable where the record showed a bona fide dispute as to liability. The claim arose from a loan transaction with part-payment already made, and a later settlement fixed a reduced amount subject to return of the respondent-company's properties held by the petitioner. Because that settlement was not refuted and the material indicated a genuine controversy over the amount payable, the debt could not be treated as undisputed. The petition was therefore rejected on the ground that the alleged liability was not established as an unquestioned debt. en-us Sun, 03 Dec 2006 00:00:00 +0530 Fri, 15 Nov 2024 18:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458773 A winding up petition based on an alleged debt was not maintainable where the record showed a bona fide dispute as to liability. The claim arose from a loan transaction with part-payment already made, and a later settlement fixed a reduced amount subject to return of the respondent-company's properties held by the petitioner. Because that settlement was not refuted and the material indicated a genuine controversy over the amount payable, the debt could not be treated as undisputed. The petition was therefore rejected on the ground that the alleged liability was not established as an unquestioned debt. Case-Laws Companies Law Sun, 03 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458773