1. The petitioner is said to be a branch at London, of the Bank of New York, a company incorporated in the State of New York under the laws of that State in the United States of America. The petitioner is said to be engaged, inter-alia, in the business of providing trusteeship, agency and other securities related services.

The respondent is said to be a company incorporated under the Companies Act, 1956 (Hereinafter referred to as the 'Act', for brevity).

2. The present petition is filed seeking the winding-up of the respondent owing to its alleged inability to pay its debts. It is the petitioner's case that it had entered into a trust deed dated 17.3.2006 with lbs respondent, whereby the petitioner was appointed as the trustee to the Euro 42 million 2.50% Foreign Currency Convertible Bonds, issued by the respondent to various investors in the international capital markets. It is the petitioner's contention that the terms of the Trust deed enable the petitioner to enforce its conditions against the respondent, in its capacity as the trustee. More particularly, Condition no. 13 of the Conditions of contract, it is claimed, provides that at any time after the Bonds become due