This Company Petition is filed under Section 439(1)(b) and 433(e) r/w. Section 434(1)(a) of the Companies Act, 1956 (for short "the Act") for an order to wind up the respondent for nonpayment of the alleged debt due to the petitioner.

The averments, based on which the Company Petition is filed, briefly stated, are as under:

That the petitioner which formed into a joint venture vide agreement dated 28-7-2008, nominated M/s. The Indian Hume Pipe Company Limited (IHPCL), as its lawful attorney on behalf of the joint venture to perform all acts and deeds as mentioned in the General Power of Attorney (GPA). That the IHPCL, partner in-charge of the petitioner, is a leading construction company engaged in the business of manufacturing, laying, jointing, testing, commissioning etc., of BWSC, MS, PCCP & PSC and other types of pipes in execution of water supply schemes in various states including the State of Andhra Pradesh. That the petitioner has successfully executed several prestigious projects in the State of Andhra Pradesh and in other States for the Central Government, State Governments and Government Undertakings, Local Bodies, Cooperative Societies, Corporate and Private Sector.

That the respondent was incorporated on 26-9-1973 as a Joint Stock Company under the provisions of the Act and has been a nodal agency to the Government of Andhra Pradesh. That the registered office of the respondent is situated at 5-9-58/B, 6th floor, Parisrama Bhavan, Fateh Maidan Road, Hyderabad. That the main objects to be pursued by the respondent inter alia are to formulate, promote, finance, aid, assist, establish, manage and control schemes, projects or programmes, to provide and develop infrastructure facilities, including factory sites, factory sheds, godowns, marketing facilities, warehouse facilities of communications, power, water drainage, housing, hospitals and other medical and health and educational institutions and other services of any description in order to promote and assist the rapid and orderly establishment, growth and development of industries and commerce in the State of Andhra Pradesh. That the objects incidental and ancillary to the attainment of the main objects inter alia are to establish, construct, acquire by purchase, lease, exchange, transfer or otherwise, own, run, administer and maintain industrial estates and generally deal in or with the plots or buildings therein by way of sale, deferred payment, instalment or hire purchase basis, letting out, leasing or otherwise to individuals, entrepreneur/body of entrepreneurs, cooperatives, firms or other bodies corporate etc.

That the respondent invited tenders for Somasila Drinking Water Supply for Kadapa; that as the tender conditions permit a joint venture also to participate in the tenders, a joint venture agreement was entered into on 28-7-2008 among different agencies leading to creation of the petitioner; that the petitioner has submitted its bid and upon evaluation of the same it was found the lowest and accordingly the work was awarded in favour of the petitioner; that as per the records, the Estimated Contract Value (ECV) for the project was Rs.254,82,43,380/-and the approximate value of the work to be done was Rs.267,38,71,778/-and that the stipulated period for completion of project was 12 months as per the tender conditions. That an agreement was executed between the petitioner and the respondent vide agreement bond No.25/ADV-I/APIIC/08-09 dated 24-9-2008 for Somasila Drinking Water Supply Scheme. Under the said scheme, the petitioner was to undertake manufacturing, supplying, lowering, laying, jointing, testing and commissioning of 2200 mm dia MS pumping main with cement mortar factory in-lining and out-coating and other appurtenance from the proposed intake well near old Madhavaram on the foreshore of Somasila Reservoir to the proposed sump at Kanumalonipalli on Kadapa-Rajampet Highway, including maintenance and operation for a period of 24 months (def