A.P.Misra, J. - (1.) The present company petition has been moved under sections 433, 434 and 439 of the Companies Act, 1956 (hereinafter referred to as "the Act"), for winding up the company, Messrs. Dany Dairy and Food Engineers Ltd.
(2.) I have heard learned counsel for the parties.
(3.) The main ground on which this petition is moved is that the company is unable to pay its debts as specified under Section 433(e) of the Act and, therefore, the company is liable to be wound up. The main contention for coming to that conclusion is based on the averments made in paragraphs 8, 9 and 10 of the petition. Paragraph 8 specifies the bills which were submitted to the company for making the payment. Paragraph 9 specifies the amounts which the company paid to the petitioner and according to paragraph 10 of the petition, after adjusting the amount of payment towards the petitioner's bill a sum of Rs. 1,40,350.36 still remains to be due to the petitioner and payable by the company. It is this amount which was the foundation for filing the present petition for winding up.;