GALADIMA, J.C.A. (Delivering the Leading Judgment): This appeal is brought by the appellant, who was petitioner in the lower court, against the decision of Okeke, (J), of the Federal High Court, Lagos Division, delivered on 31/5/2001. The facts of this case are simple and straightforward. The petitioner filed a petition for winding up the respondent company on the grounds of inability of the said respondent to pay debt of N1,206,600.00 (One Million, two hundred and six thousand six hundred Naira). Responding on the said petition, the respondent filed an application dated 8/7/91 praying for dismissal of the petition on the following grounds:
"(a) The alleged debt in issue is disputed by the respondent/applicant.
(b) There is no certainty of who (i.e. debtor) is owing who whether it is the petitioner owing the respondent/applicant or vice versa.
(c) The company is not insolvent.
(d) There is no demand under the hand of the petitioner to the respondent/applicant in respect of the said sum of…