( 1 ) BY this company petition, the petitioner viz. , M/s. Ahmedabad electricity Company Limited, under Section 433 (e) and (f) of Companies Act, 1956 (for short the Act), seeks an order of winding up against the respondent-Company, viz. , sanghi Spinners (India) Limited, which is indebted to the petitioner-Company in a sum of Rs. 1,75,05,867. 11 ps, in addition to the interest of almost equal sum, in all the respondent company is due a sum of rs. 3,51,86,792. 89 ps, which the respondent-Company failed to pay the same, and further it has become commercially insolvent.

( 2 ) IT is stated that the petitioner is a company, which was incorporated under the provisions of the Companies Act. Similarly the respondent is also a Company, incorporated on 9-1-1992, within the Sate of andhra Pradesh, with the authorised share capital of Rs. 60,00,00,000/- divided into 6,00,00,000 equity shares of Rs. 10/- each, and the issued, subscribed and paid up share capital of the respondent-Company is rs. 38,83,75,000/- divided into 3,88,37,500 equity shares of Rs. 10/- each. The respondent company was incorporated with the main objects of establishing an industrial Unit to carry on the process of spinn

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