The facts of the present application may be briefly noted.

1. The petitioner nos. 2 and 3 who are citizens of India are partners of the petitioner no. 1. The partnership business of the petitioner no. 1 was commenced with effect from the 1st December, 1979 although the Deed of Partnership by and between the petitioner nos. 2 and 3 in respect of the petitioner no. 1 was executed on the 17th March, 1980.

2. Prior to the formation of the petitioner no. 1 the petitioner no. 2 along with two others had formed a partnership firm under the name and style of "Central Engineering Syndicate" (hereinafter referred to as the CES). The firm CES had, inter alia, undertaken and, successfully executed the following projects. :-

(a) Teesta Bridge Project

(b) Bokaro Water Treatment Plant.

(c) Bokaro Central Plant.

(d) Garden Reach Water Treatment Plant.

According to the petition, the last mentioned work is still in progress and is about to be completed.

3. The petitioner no. 2 is the Managing Director of another sister concern of CES known as "Central Concrete and Allied Products Private Limited" (hereinafter referred to as the CCAP). The petitioner no. 2 was the Managing Director of the Company upto 3