Venkatachaliah, J.—This appeal is by Hegde and Golay Limited ('Company'), a company incorporated under the Companies Act, 1956, (the 'Act') and is directed against the order dated 26-7-1985 made by Bopanna, J., allowing a Creditor's winding-up petition brought by the State Bank of India (the 'Bank') and ordering the winding-up of the Company on grounds that the Company is unable to pay its debts within the meaning of Section 433(e) of the Act and that it is also otherwise "Just and Equitable" that the Company be wound-up.

The Bank claimed that as on 31-3-1980 a sum of Rs. 2,93,62,036 09 (exclusive of interest accruing subsequent to 1-4-1980) stood due and owing by the Company and that the Company was in fact, and must also be deemed to be, unable to pay its debts ; and that in view of the several circumstances alleged by the Bank it was also, otherwise, just and equitable that the Company be wound-up.

This creditor's winding-up petition which was the unfortunate culmination of a greatly strained Banker Constituent relationship was pending for over 5 years.

2. We have heard Sri Shekhar Shetty, learned Counsel for the appellant. The petitioning creditor having filed a Caveat, Sri S