https://www.taxtmi.com/caselaws?id=459570 HC dismissed company petitions seeking dissolution under Section 433 of Companies Act, 1956. Petitioners alleged debt owed by respondent company for monies advanced, claiming mismanagement and unjust enrichment. Court held respondent raised bonafide dispute regarding debt with clear denial of liability. Section 433 cannot be invoked for disputed debts. Brothers' directorship dispute and MoU omitting alleged liabilities supported bonafide nature of dispute. Petitioners directed to pursue common law remedies for debt recovery instead of company dissolution proceedings. en-us Wed, 25 Jun 2014 00:00:00 +0530 Wed, 18 Dec 2024 19:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459570 HC dismissed company petitions seeking dissolution under Section 433 of Companies Act, 1956. Petitioners alleged debt owed by respondent company for monies advanced, claiming mismanagement and unjust enrichment. Court held respondent raised bonafide dispute regarding debt with clear denial of liability. Section 433 cannot be invoked for disputed debts. Brothers' directorship dispute and MoU omitting alleged liabilities supported bonafide nature of dispute. Petitioners directed to pursue common law remedies for debt recovery instead of company dissolution proceedings. Case-Laws Companies Law Wed, 25 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459570