( 1 ). This petition has been filed for the winding up of Indian Airlines Limited on the complaint that a sum of Rs. 54,24,625. 96 remains outstanding towards transportation of passengers and luggage of persons holding tickets/airway bills of the Respondent. The claims are predicated on an Interline Airlines agreement dated 13th May, 1995. The Petitioner had drawn Bills on the Respondent- commencing from February 1996 till May 1997. On the Petitioner s request for the clearance of outstandings bearing no fruition, the petitioner caused a legal notice dated July 21, 1997 to issue to the Respondent. In reply thereto it was stated on behalf of the Respondent, inter alia, that in respect of the Respondent s claims against the petitioner a sum of Rs. 103. 53 lacs was due from the former to the latter. This sum was reduced by the respondent to Rs. 77. 65 lacs, and since the Petitioner was still raising disputes", the Respondent finally offered to settle their claims at Rs. 55 lacs. However, even this offer was not acccepted by the petitioner as per their letter dated February 16, 1997, in which they instead reiterated their proposal to settle the claims of Indian Airlines