9911796707
TMI Blog2012 (3) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... 1st November, 2011 had passed a detailed order disposing 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to the company's liabilities, the solvency 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 wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... take its own course and the company of course 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 liab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very of interest, if any. However, the 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
