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

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 Aiya

Please become a Premium member. If you are already a Premium member, login here to access the full content.