https://www.taxtmi.com/caselaws?id=458771 An inter-corporate deposit was held not to fall within the Bombay Money-Lenders Act, 1946 because the record did not show a regular, continuous, or systematic money-lending business, and the transaction came within statutory exclusions for deposits and bona fide business advances. The debt was therefore not unenforceable on that ground. On the winding-up issue, the Court found that the petitioners had shown substantial advances supported by documentary material, and objections based on group relationship, alleged suppression, unstamped collateral documents, and leave-and-licence arrangements did not defeat liability. A legally recoverable debt having been established, the petition for winding up on the ground of inability to pay was maintainable. en-us Fri, 12 Feb 1999 00:00:00 +0530 Fri, 15 Nov 2024 18:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458771 An inter-corporate deposit was held not to fall within the Bombay Money-Lenders Act, 1946 because the record did not show a regular, continuous, or systematic money-lending business, and the transaction came within statutory exclusions for deposits and bona fide business advances. The debt was therefore not unenforceable on that ground. On the winding-up issue, the Court found that the petitioners had shown substantial advances supported by documentary material, and objections based on group relationship, alleged suppression, unstamped collateral documents, and leave-and-licence arrangements did not defeat liability. A legally recoverable debt having been established, the petition for winding up on the ground of inability to pay was maintainable. Case-Laws Companies Law Fri, 12 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458771