Payable - Indian Laws - General

Word payable As per Black s Law Dictionary: Payable - Capable of being paid; suitable to be paid; admitting or demanding payment; justly due; legally enforceable. A sum of money is said to be payable when a person is under an obligation to pay it. Payable may therefore signify an obligation to pay at a future time, but, when used without qualification, term normally means that the debt is payable at once, as opposed to owing . It is clear from the above extract that the word payable may signify an obligation to pay at a future time as well as an obligation to pay at once . MRF LIMITED - 1995 (2) TMI 396 - KERALA HIGH COURT