Creditor filing a petition

Hello everyone!!

I will be really grateful if you guys can help me out with the sections of the Companies Act applicable when a company defaults in making payment to a creditor.

The said creditor wants to file a petition with the company law board. The company has acknowledged the receipt of the finished good but has taken back its stand now is refusing from making the payment.

The creditor is in a serious economic trouble.

Thanks and regards,

Pallavi.