9911796707
TMI Blog2012 (3) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... isposing of the petitioner s application for appointment of Provisional Liquidator. In the said order, this Court had concluded as under:- 24. In the opinion of this Court, as the sum of ₹ 50,00,000/- has not been refunded by the respondent, such sum constitutes a debt in praesenti. Consequently, the sum of ₹ 50,00,000/- constitutes an unsecured debt in the hand of the respondent co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of the company would not constitute a stand alone ground for setting aside a notice under Section 434(1)(a) meaning thereby that if a debt is undisputedly owing, then it has to be paid. The relevant portion of the said judgment is reproduced hereinbelow:- 24. A determination of examination of the company?s insolvency may be a useful aid in deciding whether the refusal to pay is a result of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rse will have an opportunity on the liquidation application to rebut that presumption. 25. An examination of the company s solvency may be a useful aid to determining whether the refusal to pay debt is a result of a bona fide dispute as to the liability or whether it reflects an inability to pay. Of course, if there is no dispute as to the company s liability, it is difficult to hold that the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he aforesaid liberty is without prejudice to the rights and contentions of the respondent company. It is clarified that the rights and contentions of both the parties are left open and the trial Court would decide the said matter without being influenced by any observations made by this Court either in the present order or in the order dated 21st November, 2011. With the aforesaid observations ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
