The result of this discussion, in summary, is that for the purposes of Section 433 of the Companies Act, 1956
a) The liability of the respondent-company must be certain. Where the liability is to be adjudged, i.e., where it remains to be decided by a court whether or not the respondent-company is liable in the first place, there can be no 'debt' within the meaning of the section. The liability
a) The liability of the respondent-company must be certain. Where the liability is to be adjudged, i.e., where it remains to be decided by a court whether or not the respondent-company is liable in the first place, there can be no 'debt' within the meaning of the section. The liability