Facts:

The appellant filed a petition at the Federal High Court, Lagos in which it sought that the respondent company be wound up by the court on the ground that the respondent was unable to pay its debts.

In the petition, the appellant averred that pursuant to an aircraft lease transaction between itself and the respondent, the latter became indebted to it in the sum of US$1,431,450.00 out of which it paid the sum of US$590,305.00 leaving as outstanding the sum of US$841,545.00.

It was alleged that by mutual agreement the sum of US$17,600.00 was deducted from the above mentioned outstanding amount leaving a balance of US$823.545.00 being unpaid lease rentals, which it was alleged that the respondent refused to pay despite several demands.

The appellant also averred that it made a demand signed by one of its Principal Officers, for the payment of the debt, but the respondent neglected to pay the debt.

In the proceedings at the trial court the appellant filed an application for the advertisement of the petition. In response, the respondent filed a counter affidavit to the appellant’s petition in which it denied the allegations made against it by the appellant.