https://www.taxtmi.com/caselaws?id=459944 Bombay HC held that the respondent company was liable to repay Rs. 10,00,000 to the petitioner as a loan, rejecting the company's claim that it was paid as demurrage charges on behalf of another entity. The court found no evidence in the company's books of accounts supporting the demurrage claim, and the company failed to establish a bona fide dispute regarding the debt. The court noted the company's reluctance to produce complete financial records and inability to demonstrate that amounts were received on behalf of the third party. The respondent company was directed to deposit Rs. 10,00,000 within three months. en-us Fri, 16 Dec 2016 00:00:00 +0530 Sat, 04 Jan 2025 14:47:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459944 Bombay HC held that the respondent company was liable to repay Rs. 10,00,000 to the petitioner as a loan, rejecting the company's claim that it was paid as demurrage charges on behalf of another entity. The court found no evidence in the company's books of accounts supporting the demurrage claim, and the company failed to establish a bona fide dispute regarding the debt. The court noted the company's reluctance to produce complete financial records and inability to demonstrate that amounts were received on behalf of the third party. The respondent company was directed to deposit Rs. 10,00,000 within three months. Case-Laws Companies Law Fri, 16 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459944