A conditional undertaking to pay a company's debts only upon the outcome of an appeal does not constitute an undertaking to pay debts as and when they fall due, and is insufficient to displace the presumption of insolvency. An application for special leave to appeal to the High Court, without more, does not warrant adjournment of a winding-up application based on failure to comply with a statutory demand, which is distinguishable from a winding-up application based on an unpaid judgment debt that is the subject of appeal.
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