( 1 ) THIS is a case wherein the petitioners have alleged that the respondents are indebted to them to a substantial extent and that despite various demands including through a statutory notice that the amount is still outstanding and that consequently, the petitioners are justified in applying for the winding-up of the respondent-company principally on the ground that it is incapable of paying its debts. Briefly stated, in paragraph 14 of the petition, the petitioners allege that an amount of Rs. 43,23,504/- was the outstanding debt and it is on this basis that they have presented this petition. The respondents have appeared through their learned Counsel and they have challenged the maintainability of this petition principally on two grounds, the first being that the service of statutory notice in the manner prescribed under the Companies Act is condition precedent for the presentation of winding up or more importantly, for the grant of the reliefs asked for as the presumption of commercial insolvency flows from non-compliance with the provisions of the statutory notice and secondly, on the ground that there are certain serious defects in the pleadings. A third point was also argu

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