G. BIKSHAPATHY, J.

( 1 ) BHORUKA Steels Ltd. , the petitioner herein filed the present petition under sections 433 (e), 434 (a) and 439 (b) of the Companies Act, 1956, seeking winding up of the respondent-company under the provisions of the Companies Act.

( 2 ) THE averments in the petition are that the petitioner is a company registered under the Companies Act. The object of the company is to do business in wire drawing and as manufacturers or dealers in, and exporters and importers in steel wires, copper, etc. The petitioner also renders professional and technical consultancy and advice to individuals, firms, companies, etc. , and carrying on any other business in the field of designing engineering relating to wire and cable industries. The other objects have been set forth in the memorandum of association. The petitioner by letter dated 16/01/1990, offered to supply 5. 5 mm. M. S. wire rod coils to the respondent. The price fixed was Rs. 96,000 per metric tone exclusive of sales tax. The payment shall be made immediately after the delivery of the material and for delayed payment 18% interest will be charged. The petitioner agreed to supply 500 mt. in the months of January, Febru

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