JUDGMENT - LODHA R.M., J.:---This group of four appeals is directed against the order dated 28th June, 1995 passed by the learned Company Judge and accordingly, we heard all the four appeals together and dispose of them by this common judgment.

2.The Maharashtra State Farming Corporation Ltd. (for short the Corporation) filed two company petitions being Company Petition No. 200 of 1988 and Company Petition No. 307 of 1988 for winding up of the Belapur Sugar Allied Industries Ltd. (for short the Company). The winding up of the company was sought under sections 433 and 434 of the Companies Act on the ground that the company had become financially and commercially insolvent as it was unable to discharge its debts.

3.In the Company Petition No. 200 of 1988, the corporation set up the plea that the company was indebted to it in the sum of Rs. 72,79,900.78 as on 13th March, 1987 alongwith the interest at the rate of 18% per annum. The corporation averred in the said company petition that for the sugarcane supplied in the year 1985-86 (the rate of sugarcane having not been finalised by that time) an amount of Rs. 11,32,974.97 was due and payable by the company and for the sugarcane suppli

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