1. By this petition, the Petitioner viz. Intesa Sanpaolo S.P.A, an Italian Bank incorporated under the laws of Italy, seeks winding up of the Respondent-Videocon Industries Limited, a Company incorporated under the Companies Act, 1956.

2. The authorized share capital of the Respondent Company is Rs.600,00,00,000/-divided into Rs.50,00,00,000/- of equity shares of Rs.10/- each and 1,00,00,000 redeemable preference shares of Rs. 10/- each.

3. The main object of the Respondent Company is to carry on business of trading, manufacturing, fabrication, alteration etc. in India and abroad, dealing in electronic and consumer durables and home appliance, all kinds of electrical and electronic goods, conductors, capacitors, micro processors, computers, software, household items, television sets and other allied products and activities.

4. Grievance of the Petitioner is that the Respondent Company has not paid the Petitioner a sum of Euros 38,000,000 (Euros Thirty Eight Million) approximately equivalent to Rs. 259,73,00,000/-(Rupees Two Hundred Fifty Nine Crores Seventy Three Lakhs only), due under a letter of guarantee -Patronage Letter dated 5 June 2007.

5. Before the facts are adve