B.P. COLABAWALLA, J.

1. This Company Petition has been filed against the Respondent Company Galaxy Entertainment Corporation Limited, on the ground that is unable to pay its debts. It is the case of the Petitioner, that the Respondent Company is indebted to the Petitioner in the sum JPY 64,516,217 (Japanese Yen). It is the case of the Petitioner that these amounts have not been paid and, therefore, the present Company Petition.

2. The brief facts giving rise to the present controversy are that the Petitioner being a proprietory concern is in the business of supplying gaming machines. It is the case of the Petitioner that in furtherance to the business transactions as agreed to between the Petitioner and the Respondent-Company, the Respondent Company placed an order on the Petitioner with respect to the purchase of certain machines as reflected in the Proforma Invoice dated 28th May, 2007. The said Proforma Invoice was thereafter amended and signed by the Petitioner on 11th April, 2008 and thereafter further amended on 1st November, 2008.

3. Pursuant to this purchase order, the Petitioner supplied the gaming machines to the Respondent Company on a regular credit basis, which