( 1 ) THIS is an application by Ofu Lynx Limited (hereinafter referred to as the company) for an order that the petition for winding-up of the company pre-sented by the respondent Simon Carves India Limited also a company (and hereinafter referred to as the respondent) be dismissed and/or stayed permanently.

( 2 ) THE respondent claims to be a Creditor of the company for a sum of Rupees 8,32,400. 43 paise, The respondent had caused a notice to be served on the company under Section 434 of the Companies Act, 1956 demanding payment of the said sum of Rs. 8,32,400. 43 paise together with interest. On the expiry of the prescribed period of three weeks the respondent has presented, the petition for the winding-no of the company on the allegation that the company is unable to pay its debts. After the petition presented by the respondent for the winding-up of the company has been admitted by this Court, the company has made this application for an order that the said petition presented by the respondent be dismissed or permanently stayed. The company has obtained an interim order of stay of further proceedings of the said petition for winding-up.

( 3 ) THE main ground oa