BRITTO N.A., J.: - Heard the learned Counsel on behalf of both the parties. This petition was filed for the winding up of the respondent company under section 433(e) of 4 the Companies Act, 1956 on the allegation it that the respondent was indebted to the petitioner in the sum of Rs. 41,48,696.25 as of on 15-7-2005 with interest at the rate of 18% .d per year but the claim is now restricted only to Rs. 20,68,015.70 which is payable to the petitioner as per bill dated 20-4-2004. In other words, the petitioner has abandoned its claim in the sum of Rs. 61,181.25 and Rs. 19,500/- of bills dated 15-4-2004 and 11-5-2004, respectively.

2. There is no dispute that the petitioner, a sub-contractor, was entrusted the job of external painting which included the erection of scaffolding, chipping of rust scales prior to blasting followed by fresh water washing etc. of Rig known as Pride Pennsylvania by virtue of two work orders dated 612-2003 and an agreement dated 1-1-2004.

3. By virtue of the first work order the petitioner was assigned an area of 11,055 sq. meters at an estimated cost of Rs. 41,45,625/- and by the second work order an area of 15090 sq. meters estimated at Rs. 45,27,000