Admitted debt and arbitration clause defeat winding up petition where contractual claims need formal adjudication.

An email communication did not amount to a clear admission of debt sufficient to crystallise a winding up cause of action. The claims for demurrage, losses, damage and costs were contractual in nature and required formal adjudication in appropriate proceedings. Because the parties had provided for arbitration in the event of disputes, the Court held that the matter should be resolved through the agreed forum or other competent proceedings rather than by winding up on the basis of the cited communication. The petition was dismissed for want of an established admitted debt, without prejudice to the petitioner's substantive claims, which were left open for adjudication.

---

---

Outcome: The winding-up petition was disposed of as no admitted or crystallised debt was shown, and the petitioner's claim was left to be worked out in appropriate proceedings without prejudice.

---