( 1 ) THIS is an application for winding up of Gaya Textile Private Limited (hereinafter referred to as the Company ). The petitioner's case is that sometime in April 1964 the Company entered into a contract in writing with the petitioner under which the Company agreed to buy and take delivery from the petitioner 2 ring frames. The Company agreed to pay 25 per cent of the price in cash with the order and balance of the price against delivery of Railway Receipt or any other documents through Bank. It is alleged that it was also agreed that one ring frame materials with short bottom apron arrangements and ona ring frame materials with long bottom apron arrangements would be supplied by the petitioner to the Company. Under tha terms of the agreement after satisfactory working of the said 2 ring frames, the Company was to confirm a provisional order for -38 other ring frames.

( 2 ) PURSUANT to the contract the Company paid the sum of Rs. 8,730 being 25 per cent of the price of the said two frames. The petitioner sent the two ring frames to the Company on or about September 30, 1964 and sent the documents and demand drafts for two sums of Rs. 14,772. 24 and Rs. 16,312.