( 1 ) THE petitioner who is a Non Resident Indian residing in u. S. A. , has filed this petition seeking winding up of the respondent company (hereinafter referred to as the Company ). He had remitted a sum of US$ 1,00,000 to the respondent company. Making of this payment by the petitioner to the respondent company is not in dispute. The petitioner states that he is entitled to receive back this amount which is a debt the respondent owes to the petitioner and as this liability is not discharged in spite of service of statutory notice dated 31. 3. 1997 under Section 433 and 434 of the Indian Companies Act,1956, it be deemed that respondent is unable to pay the debt and, therefore, winding up of the respondent company under Section 433, 434 and 439 of the Companies Act,1956 is prayed for. The defence of the Company is that the amount in question was remitted as application money for allotment of equity shares of the company to the petitioner and, therefore, there is no question of any refund of this amount to the petitioner. According to the company, the petitioner is only entitled to receive the equity shares of the company which company is still willing and ready to