( 1 ) THIS is a petition for winding up of the company. The company in question is Pandam Tea Company Limited. The petitioner Raghunath and Sons Private Ltd. claims to be a creditor of the said Company in respect of moneys lent and advanced during the 14th July, 1958 and 19th December, 1967. As a result of these transactions and repayments according to the petitioner, a sum of Rs. 1,58,875. 25 remained unpaid upto 30th June, 1967. Thereafter interest had accrued due to the petitioner and the petitioner has filed this petition for a claim of Rs. 2,67,492. 72. According to the petitioner, the said liability or debt of the petitioner had been acknowledged by the Company in the balance-sheets of the company year after year from 1958 to 1968. The petitioner further states that statutory notice had been given on the 4th September, 1971 which, according to the petitioner, remains unreplied. Before admitting this petition for winding up notice was directed to be given to the Company and the Company appeared and in its affidavit in opposition has asked for stay of the issuance of advertisement and further proceedings.

( 2 ) THE Question at this stage, therefore, is