( 1 ) THIS is a petition filed under Section 439 (1) (b) read with Sections 433 (c), (e) and (f) and 434 of the Companies Act, 1956, (hereinafter referred to as the Act ). The petitioner is the State Bank of Hyderabad a banking Company which is a subsidiary of the State Bank of India having its head office at Hyderabad and among other places a branch office at J. C. Road, Bangalore, represented by the Branch Manager of the aforementioned branch (hereinafter referred to as the Bank ). The prayer in the petition is for an order of this Court winding up the 1st respondent-Varson Chemicals Pvt Ltd. , a company registered under the Act having its registered office at 9th Mile, Hosur Road, bangalore-560068 (hereinafter referred to as the Company ).

( 2 ) IT is alleged by the petitioner that in consortium with the 2nd respondent-Canara bank having its head office at No. 112, J. C. Road, Bangalore, and a branch office at no. 142, 5th Cross, Rajmahal Vilas extension, Bangalore-560080 together advanced certain sums as cash credit loan uplo a limit of Rs. 46,00,000/- a term loan upto a limit of Rs. 20,00,000/- and a term loan of rs. 7,00,000/- between August, 1981 an