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Sum due u/s 434 of the Companies Act, must mean what has fructified and can not merely be a contingent liability or deferred payment
Case Law Details
- Case Name
- Priyaraj Electronics Ltd. Vs Motorola India (P.) Ltd. (Punjab & Haryana High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Punjab and Haryana HC
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RELEVANT PARAGRAPH
7. The parties, therefore, are locked up in lis before this Court and the central point to be resolved is whether there exists a “debt” within the provisions of Companies Act and whether the company could be deemed to be “unable to pay” as required under Section 434 of the Companies Act. The terms “debt” itself has not been defined under the Companies Act and if we must make reference to the P Ramanatha Aiyar’s Concise Law Dictionary, 2004 Edition Law Lexicon it is defined as “a sum of money due under an express or implied agre...
