( 1 ) THIS is an appeal from a Judgment and order of Sinha, J. , winding up the appellant co. The appellants are a limited Company with a nominal capital of Rs. 15,00,000/- divided into 1,500 shares of Rs. 1,000/- each. The amount of capital paid up or credited as paid up is Rs. 15,00,000. The Company carries on the business of Exporters and Importers of hides and skins and other commodities. On 30-3-1948 the Company was assessed to income-tax and corporation tax for the assessment years 1944-45, 1945-46, and 1946-1947 in the amount of Rs. 4,56,562-5-0. On the same date the Company was also assessed for the periods ending 31-10-1943, 31-10-1944, and 31-10-1945 at Rs. 30,44, 234/- on account of excess profits tax and compulsory deposits. The total amount of tax for which the co. was assessed was therefore Rs. 35,00,796-5-0. The income-tax assessments for the years 1947-48 and 1948-49 have not been completed and are still pending. On 9-4-1948 notices of demand of the amounts due were served on the Company and some of the assets of the Company were attached in execution and that attachment is still subsisting. On 26-1-1949, the directors of the Company made and filed a