2013 (4) TMI 476

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..... pany must be unable to pay the same. A debt under the Section must be a determined or a definite sum of money payable immediately or at a future date. The inability referred to in the expression 'unable to pay its dues', in Section 433(e) should be taken in the commercial sense. In that, it is unable to meet current demands. It is plainly and commercially insolvent. Petition is accordingly dismiss .....

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..... 12 inter alia contending that 63 number of bearings supplied by the petitioner were defective and as a result petitioner was required to replace the bearings in terms of the agreement and having not done so, is liable to the respondent in a sum of Rs. 28,96,074/-. In addition to the statement of facts is an affidavit of the authorized signatory of the respondent indicating the aforesaid figure and .....

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..... ciple laid down is that a prima facie case must be made out by the petitioner by which the respondent company should shoulder the onus of disproving it, by showing that its defence is in good faith and one of substance. 5. The observations of the Apex Court in the case of Pradeshiya Industrial Investment Corpn. of U.P. v. North India Petrochemicals Ltd. [1994] 3 SCC 348., in the circumstances .....

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