1. In this petition filed under Section 433(e), 434(1)(a) and 439(1)(b) of the Companies Act, 1956, (‘the Act’, for brevity) M/s.Kitty Steels Limited, petitioner herein, seeks an order to wind up respondent company. This court ordered notice on 27.08.2008. After receiving notice, respondent entered appearance. Counter affidavit is filed opposing publication of petition under Rule 99 of the Companies (Court) Rules, 1959, (‘the Rules’, for brevity).

2. Petitioner is engaged in business of constructors, fabricators, engineers, consultants and manufacturing of heavy machinery. Respondent is a company incorporated under the Act on 14.06.1995, with main objectives of manufacturing and marketing clinker and cement products, marketed in India and outside. Authorized share capital of respondent is Rs.550,00,00,000/- (Rupees five hundred and fifty crore only). It is the case of petitioner that respondent placed a purchase order dated 19.04.1995 with petitioner for supply of four ship loaders for bagged and bulk material of value of Rs.11,00,00,000/- (Rupees eleven crores only). Respondent had drawn a Hundi dated 25.12.1996 for an amount of Rs.1,78,08,795/- (Rupees one crore seventy