ORDER :- The company resists the creditor's petition for having it wound up on the twin grounds of lack of bona fides on the petitioner's part and the claim being barred by the laws of limitation.

2. The company accepts having received the payment from the petitioner though the parties are at variance as to the purpose of payment, a matter more of form than of substance. The petitioner claims that it gave a loan of Rs. 9,99,887.96 to the company in six tranches beginning March, 1994 and April, 1996, the entire sum being repayable on demand with interest at the rate of 18 per cent. per annum. Though the petitioner is unable to produce any document evidencing such agreement, it cites the company having unfailingly acknowledged the liability to the petitioner in its successive balance sheets and relies on the last of such balance sheets for the year ended March 31, 2002 which was signed on the company's behalf on July 6, 2002. The petitioner is unable to establish the exact nature of the transaction, however, as the company acknowledges receipt of such sum on account of advance against property.

3. In December, 2003 the petitioner demanded refund of the money it had allegedly

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