- (1.) Heard learned counsel for the petitioner and perused the entire record of the petition.
(2.) The petitioner in this petition under Section 439 read with Sections 433 and 434 of the Companies Act, 1956 (for short 'the Act, 1956') prayed that Payal Granites Private Limited be wound up under the provisions of the Act, 1956. Prayer has also been made for award of costs of the proceedings in favour of the petitioner.
(3.) The facts, as emerge from the petition, are that pursuant to the order placed by the respondent-company the petitioner supplied diamond impregnated segments of size 3850 X 180 X 3.5 mm. of type MHF-15 on each blade (30 Numbers) to the company and raised its invoice No. BWD/ 121 dated 22-6-1996 for Rs. 8,11,655 (Rupees eight lakhs eleven thousand six hundred fifty five only). From time to time the respondent Company paid various amounts to the petitioner in part payments of its liability. The petitioner in its normal and ordinary course of a business has been maintaining an account of the company wherein various payments being made by the company have been duly credited and the amount of the invoices raised from time to time have been duly debited. Upon taking accounts a sum of Rs. 1,50,000 (Rupees one lakh fifty thousand only) principal sum is found outstanding, owing and due from the company to the petitioner.;