RANAJIT KUMAR MITRA, J.

( 1 ) THE Court : In this application the petitioner has prayed for winding-up of the company on the basis of allegations that having acknowledged its dues to the petitioner, the company had failed to pay its debt and that the company was insolvent and its continuance to exist constituted a threat to the commercial morality of the public. It would appear from the pleadings of the parties that, between October 17, 1994 and January 19, 1995 the petitioner had advanced and the company had received an aggregate sum of Rs. 4,25,00,000 by way of a 'packing credit loan'. The loan was to be repaid by the company, in terms and conditions of the agreement between the parties, by submitting export documents within a month from the date of the advance, and in any event within 180 days therefrom. Except for a sum of Rs. 22,20,000, inspite of demands, the company had failed to pay any portion of the balance amount of Rs. 4,02,80,000. According to the petitioner the company was indebted to the petitioner for an aggregate sum of Rs. 6,56. 76007. On the basis of those allegations the petitioner made an application for winding up of the company. The petitioner made a second a

Click Here to Read the rest of this document