JUDGMENT - VAZIFDAR S.J., J.: - The petitioner has filed this petition for the winding up by the Court of the company Deepak Machineries Pvt. Ltd. under the provisions of the Companies Act, 1956 on the ground that the company is unable to pay its debts.

2. The petitioner's claim arises in respect of C.R.C.A. sheets sold and delivered by it to the company. The amount due in respect of the said transactions and the mode of payment thereof was settled in terms of a writing dated 23rd April, 1999. It would be convenient to set out all six clauses, which read as under :-

"1. The total outstanding as on date is Rs. 1.5 crores (Approximately).

2. Mr. Saraf appraised us of the scenario today and informed that during the month of April, he will release payment between Rs. 25 to Rs. 40 lacs.

3. Mr. Saraf also indicated that things will improve from May, 1999 onwards and outstanding position will improve.

4. Mr. Saraf further indicated that he will make all efforts to clear all outstandings before we resume business.

5. The Credit Notes on account of (1) Rate Difference, (2) Quality and Grace Difference (3) Material returns and any other pending issues are to be settled in three weeks.

6. Ispa

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