https://www.taxtmi.com/caselaws?id=458772 A guarantor was held not to be a mere contingent creditor once default and demand had crystallised the liability, so leave under section 439(8) was unnecessary. The existence of arbitration and a later award did not by itself show a bona fide dispute, because the underlying indebtedness remained established and the award affected only quantification and recovery mechanics. A fresh statutory notice was also not required after the award, as the prior notice and subsequent communications sufficiently put the respondents on notice of default. On the material before the Court, the respondents were prima facie indebted, and the winding-up petition was admitted to proceed. en-us Fri, 07 Jul 2006 00:00:00 +0530 Fri, 15 Nov 2024 18:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458772 A guarantor was held not to be a mere contingent creditor once default and demand had crystallised the liability, so leave under section 439(8) was unnecessary. The existence of arbitration and a later award did not by itself show a bona fide dispute, because the underlying indebtedness remained established and the award affected only quantification and recovery mechanics. A fresh statutory notice was also not required after the award, as the prior notice and subsequent communications sufficiently put the respondents on notice of default. On the material before the Court, the respondents were prima facie indebted, and the winding-up petition was admitted to proceed. Case-Laws Companies Law Fri, 07 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458772