Debt Owing And Debt Due
Legal definition for Indian law research
Definition
Debt owing and debt due, the word 'debt' is an applicable to a sum of money which has been promised at a future day as to a sum now due and payable. When there is an obligation to pay a sum of money at a future date, it is a debt owing but when the obligation is to pay a sum of money in presenti, it is a debt due, Union of India v. Raman Iron, (1974) 2 SCC 231: AIR 1974 SC 1265: (1974) 3 SCR 556
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