( 1 ) THIS is an application for winding up of the above-mentioned company. The more relevant facts giving rise to this application may be summarised hereinafter for convenience.

( 2 ) BETWEEN the 11th day of April, 1956, and the 21st day of February, 1959, the abovementioned company, Steel Equipment and Construction (P.) Ltd. , guaranteed repayment of a loan of Rs. 1,97,000 made by the applicant to its sister concern, D. C. Dhiman and Brothers (P.) Ltd.

( 3 ) ON 10th April, 1961, the petitioner instituted a suit, inter alia, against D. C. Dhiman and Brothers Private Limited impleading the guarantor, above-mentioned Company, Steel Equipment and Construction (P.) Ltd. for Rs. 2,10,000 and other reliefs. On 5th September, 1962, consent decree was passed for Rs. 2,45,000 in favour of the petitioner against the defendants including the abovementioned company, Steel Equipment and Construction Private Ltd. The said decree also created a charge on the assets of the said company being premises No. 22, G. T. Road, and the machinery lying thereat for payment of the decretal amount and interest. On 1st June, 1963, the petitioner through its solicitors gave a statutory notic