1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. COMPANY PETITION NO.731 OF 2004 M/s. Naturally New Zealand Holidays (1995) Ltd. ..Petitioner. Versus M/s. Shree Raj Travels & Tours Ltd. ...Respondent. ....... Mr. Dasgupta i/b. Rajesh Shah & Co. for the Petitioner. Mr. P. S. Anand for the Respondent. ...... CORAM : DR. D.Y. CHANDRACHUD, J. June 13, 2007. P.C.: The claim in the Company Petition for winding up is on account of an alleged non-payment of the dues owing to the Petitioner for travel related services provided to the Respondent. The claim in the Company Petition, as it was originally filed, was quantified at US $ 87,260.11. During the course of the hearing, the Court has been informed that the aforesaid quantification would have to be reduced to US $ 74,046/-. 2 In the affidavit in reply, which has been filed to the Company Petition, it has been submitted that (i) The claim made by the Petitioner does not take into account and/or contains wrongful debits of certain amounts as for instance, where the cancellation of the booking of certain passengers had been made as the passengers had not travelled at all; (ii) Payments made after the petition was declared amounting in all to US $ 14,637 are not given credit for; and (iii) Payments in the amount of US $ 57,545 made after the order of admission dated 31st March 2005 have not been taken into account. On behalf of the Petitioner an effort has been made to demonstrate before the Court that as a matter of fact due credits have been given to the aforesaid payments in the account maintained by the Petitioner in relation to the Respondent Company. Upon perusal of the record it is abundantly clear that there is a serious dispute in regard to the correctness of the accounts. According to the Company if the accounts were to be reconciled, an excess payment approximately of US $ 15,570.83 would be found to have been made to the Petitioner. A dispute of this nature cannot be 3 adjudicated upon in a Company Petition for winding up and the Petitioner would have to be relegated to the remedy of instituting a suit for the recovery of the said amount. On the material before the Court, it cannot be concluded that there is a debt due and payable. Seriously disputed questions arise as between the parties which would have to be decided by leading evidence at the trial of a suit. The Company Petition is accordingly dismissed. ....