DASARADHA RAMA REDDY, J.

( 1 ) IN this petition, filed on 15/12/1989, under section 433 (e) and (f) read with section 439 (1) (b) of the Companies Act, 1956, for the winding up of the respondent-company, the petitioner alleges that in the course of business the respondent had purchased M. S. ingots and billets and other materials worth Rs. 28,14,658. 50 from it during the period from July, 1984, to December, 1986, and that the respondent is due as on November 30, 1989, in a sum of Rs. 20,74,531. 83 inclusive of interest at 24 per cent. per annum. The respondent failed to pay the amount in spite of repeated reminders. The petitioner issued statutory notice under section 434 (1) (a) and (c) of the Companies Act on 11/11/1989, and the company in its reply denied the liability. The respondent filed a counter denying its liability to pay any amount and averring that the petitioner has waived its claim, that in any event, the claim is barred by limitation, that in order to overcome the bar of limitation the petitioner has filed this petition and that the financial condition of the respondent-company is sound. It is also stated in the additional counter that there were differences between

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