( 1 ) THIS is an application under Section 439 of the Companies Act, 1956 for the Winding-up of the India Electric Works Ltd. (hereinafter referred to as the Company ). The petitioning creditor is the State Bank of India, who claims to be a secured creditor of the Company to the extent of Rs. 1,67,78,000. The petitioning creditor is supported by two other creditors namely, Anwar Ali and Bros, whose claim against the Company is for Rs. 33,157 for the price of goods supplied and Steel Distributors, whose claim is Rs. 31,000 also for goods supplied to the company. The petition is being opposed by several creditors, namely, James Finlay and Co. , whose claim against the company is for Rs. 59,527, M/s. Narayan Choudhury Bros. (P.) Ltd. , whose claim amounts to Rs. 54,525 and by the Secretary of the India Electric Works Employees Association, a registered trade union, who claims that the company is indebted to the members of the said association to the extent of Rs. 29,50,000 consisting of provident fund dues amounting to Rs. 22,00,000 approximately and arrears of dearness allowance of Rs. 7,50,000 approximately and also by an employee of the company, Tulsi Chatterjee, cla