This petition seeks winding up of the Respondent Company on the ground of inability to pay its debts. The Petitioner's debt arises out of a contract of sale of goods. The Petitioner claims to have sold, supplied and delivered goods described in the invoices annexed as Exhibits “B1” to “B3” to the petition. The aggregate invoice value works out to USD 574,640. There is no dispute between the parties as to either receipt of or quality of goods or correctness of the invoices. The Respondent has, in fact, by its mails dated 23 February 2013 and 29 March 2013, categorically admitted its liability to pay the outstanding amount of USD 534,678.80 to the Petitioner and assured payment respectively by March 2013 and April 2013. There is a failure to pay on the part of the Respondent. The statutory demand notice addressed by the Petitioner in respect of this debt is replied by the Respondent by its letter dated 30 December 2014. Once again, the Respondent categorically admits the responsibility to pay the amount but has pleaded temporary financial difficulties. In sum, there is no defence on merits voiced in the correspondence between the parties prior to the filing of the petition.