( 1 ) THE petitioner herein has filed this winding up petition under Sections 433 (e), 434 and 439 of the Indian Companies Act, 1956 (hereinafter referred to as `the Act ) seeking winding up of the respondent company, namely, The Minerals and Metals Trading Corporation of India Limited (`hereinafter referred to as `the respondent company ). It is a public sector undertaking. The cause for filing the present petition has arisen in the following circumstances:

( 2 ) THE petitioner is the agent of M/s Thyssen Stahlunion Gmbh, Germany ( (hereinafter called `the principals ). For the relevant period i. e. in the year 1990, MMTC Ltd. was the canalising agency for import of steel etc. Any party in India seeking import of goods of this kind had to move through the respondent company. Another public sector undertaking, Hindustan Petroleum Corporation Limited (HPCL) was in need of such material. In order to facilitate this import for HPCL, the respondent company placed an order dated 11th January, 1990 on the principals. The purchase order also specifies the HPCL as the consignee and the port of discharge of goods was Bombay whereas the port of loading was North Sea Port. In