JUDGMENT B.P. DAS, J. The petitioner Pawan Kumar Bhawsinka has filed this Company Petition under Sections 433, 434 and 439 of the Companies Act, 1956 read with Rule 95 of the Companies Court Rules praying for winding up of the opposite party company, namely, M/s. Satyam Real Estate Developers Pvt. Ltd. for failure of said company to pay-the debts and for realization of outstanding amount to the tune of Rs. 1,64,203.77, along with interest and-costs out of the assets and properties of the opposite party-company 2. Shortly stated, the case of the petitioner is that while carrying on the business in the name and style "Tyle World" dealing in tiles, marble, cement and other house building materials, he supplied tiles to opposite party-M/s. Satyam Real Estate & Developers Pvt. Ltd. on verbal orders being placed by the Managing Director, Shri Sheo Prakash Jhunjhunwala of the said company on different dates on credit sale basis during the period between 06.05.2000 and 25.01.2001. According to the petitioner, the materials were being supplied on cash as well as on credit basis on the condition that payment was to be made within stipulated time after sale and delivery. The petitioner has alleged that in respect of the outstanding credit bill of Rs. 1,64,203.77, the opposite party-company through its Managing Director, Shri Sheo Prakash Jhunjhunwala, issued an Account Payee Cheque bearing No. 773397 drawn on Syndicate Bank, Cuttack amounting to Rs. 1,00,000/- but the same was returned on account of "funds insufficient". Despite personal contact on various dates, the Managing Director of the opposite party-Company has failed to repay the outstanding bill of Rs. 1,64,203.77P to the petitioner. As the Company failed to repay the outstanding amount, the petitioner filed this Company Petition before this Court for the relief’s mentioned above. The petitioner has filed an affidavit stating that the notice demanding the dues has been served on the opposite party-company and as the company failed to repay the dues, the petition was advertised inviting creditors and other parties to oppose or support the petition. Nobody has come forward either supporting or opposing the petition within the stipulated time. However, subsequently certain parties have filed Miscellaneous Applications bearing Nos. 44, 45, 46, 52 & 53/2010, 2 & 3/2011, seeking intervention in the proceeding involving the Company with various prayers. Nobody has come forward either supporting or opposing the petition within the stipulated time. However, subsequently certain parties have filed Miscellaneous Applications bearing Nos. 44, 45, 46, 52 & 53/2010, 2 & 3/2011, seeking intervention in the proceeding involving the Company with various prayers. The issues agitated in the Miscellaneous Applications primarily relate to the rights arising out of the assets and properties of the Company involving disputes. 3. The opposite party-company in its reply to the petition has disputed the facts averred in the petition and denied the charges. The company has stated that it has received the goods to the extent of Rs. 2,76,662/- against which Rs. 2,76,000/- has been paid and only a sum of Rs. 6621 remains for payment and in view of that the company having assets of immovable properties valued at crores of rupees cannot be declared to be in a state of insolvency and unable to pay the debt of Rs.662/-. The-opposite-party company has further stated that it has entered into development agreements with owners of land and the owners of the properties are having their own right and cannot be subjected to liquidation at this stage. Since the company is ready and willing to pay the admitted amount of Rs. 662/- to the petitioner, the winding up petition may be dismissed. 4. It appears that the opposite party-company is a developer engaged in the business of developing lands and buildings. It has entered into agreements with various parties in the process of developing, three apartments, namely, "Classic Apartment", "Satyam Apartment" and "Ambika Garden" at Cuttack. It has entered into development agreements with various land owners which contain the terms and conditions regulating the development of the lands, the rights of the owners, the consideration, the completion time and dispute redressal mechanism and reference to Arbitrator etc. 5. In this proceeding, this Court by order dated 22.01.2009 has appointed the Official Liquidator as the Provisional Liquidator with direction to report about the assets and properties of the Company. The OL has filed two reports, one dated 6.4.2009 and the other dated 5.8.2009, which are on record. Subsequently on hearing various parties, the Official Liquidator was directed to invite claims from the creditors and accordingly he invited claims by way of publication of notice in newspapers and has filed his report relating to claim and debts of opposite party-company, which amount to Rs. Subsequently on hearing various parties, the Official Liquidator was directed to invite claims from the creditors and accordingly he invited claims by way of publication of notice in newspapers and has filed his report relating to claim and debts of opposite party-company, which amount to Rs. 66,35,311/- (principal) excluding interest, litigation expenses and other expenses as claimed by 28 claimants. It may be stated here that the Official Liquidator is not in possession of any assets and properties of the opposite party-Company. A civil suit being C.S. No. 486 of 2005 has also been filed by one Kamal Kishore Bhawsinka in the court of the Civil Judge (Senior Division), 1st Court, Cuttack, which is now pending in the court of the 1st Addl. Civil Judge (Senior Division), Cuttack, against M/s. Satyam Real Estate Developers Pvt. Ltd. and others, inter alia, for realization of arrear house rent and eviction of the defendants therein. "The case record was called for in this proceeding. In the meantime, one of the land owners, whose land had been mortgaged with the Orissa State Financial Corporation, has repaid the loans and the said land has been released from the charge. This Court after hearing the parties vide order dated 4.7.2012 had directed the opposite party-Company to file the relevant Forms with the Registrar of Companies, Odisha, relating to satisfaction of the charge. It is pertinent to mention here that a Company on its own is required to file the Forms relating to satisfaction of charge with the ROC, Odisha, with filing fees within the stipulated time or the extended time, as the case may be. 6. After hearing the parties, this Court is of the opinion that there are disputes involving the supply of goods by the petitioner to the opposite party-Company and the payment made by the opposite party -company to the petitioner. That apart certain disputes have also been raised in the miscellaneous applications filed relating to assets and properties of the opposite party-Company and other issues arising out of development agreements. Various persons, who might have booked apartments either developed or to be developed by the opposite party company appear to have their rights involving assets and properties of the Company. 7. Various persons, who might have booked apartments either developed or to be developed by the opposite party company appear to have their rights involving assets and properties of the Company. 7. In view of the above, as the primary issue involved in the winding up petition appears to be in respect of supply of goods and the payment of outstanding debts of the opposite party-Company to the petitioner, which has been disputed by the opposite party-Company, this Court is of the view that the winding up proceeding should not be allowed to be used for recovery of payment which is disputed by the opposite party Company and filing of a suit would be a proper remedy, Accordingly, this Court declines to pass order for winding up of the opposite party Company and the petitioner is at liberty to take recourse to appropriate remedy to move before the appropriate forum, if so advised, 8. The petition for winding up is accordingly dismissed, Consequently, the misc. cases as noted above and the affidavits filed in this case have become in fructuous, The misc. cases are accordingly disposed of. The order appointing the Official Liquidator as Provisional Liquidator is vacated, The Managing Director of the opposite party Company is directed to pay the liquidation expenses to the Official Liquidator within seven days from the date of intimation by the Official Liquidator. The record of the civil suit be sent back immediately to the court below. Appeal disposed of.