BABOO LALL JAIN, J.

( 1 ) THIS application has been made by Ashoka Agencies for the compulsory winding up of M/s. Business Forms Ltd.

( 2 ) THE case of the petitioner is, inter alia, to the effect that pursuant to and in terms of several orders placed by the company on the petitioner, the petitioner from time to time sold and delivered 'paper' to the company on agreed rates as per specification given by the company. Petitioner also raised bills in respect of such supplies on the company. The company accepted such bills without raising any objection with regard thereto, and also made diverse payments in respect of the said 4 bills. After giving due credit for such payment made by the company to the petitioner in respect of the bills raised by the petitioner on the company in order of time a total sum of Rs. 24,32,416 Olp. remained due and payable by the company to the petitioner as on March 31, 1992. The further case of the petitioner is that the company duly accepted the aforesaid and by writing duly acknowledged and admitted its liability to the petitioner in respect of the said sum as will be evident from a communication dated September 21, 1992 addressed by the company to the p

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