JUDGMENT :

I.P. MUKERJI, J.

1. The petitioning creditor in a winding up application, appeals to this court against the judgment and order dated 15th September, 2015 passed by a learned single judge of this court permanently staying the winding up proceedings.

2. The question before this court is whether the appellant petitioning creditor ("the appellant") was able to make out a case for admission of the winding up application. They had to prove that there was a debt payable by the respondent company (the respondent) to them and that they were unable to discharge it.

3. The facts are these.

4. The parties, on 13th May, 2013 entered into a development agreement. The respondent was the owner of a parcel of land numbered as premises No.35, 36 and 36/1, Circular Garden Reach Road, P.S-Watgunge, Kolkata-700023 having an area of 19 cottahs, 9 chittaks and 43 sq. ft. In the agreement the appellant was described as the developer. By this agreement the respondent permitted the appellant to build upon this land, exploit it commercially and after raising a building on it, to let out or transfer a part of it allotted to them. It is difficult to understand the exact nature and scope of this agreement