( 1 ) THE petitioner has filed this petition under Section 433 (e) and Section 434 of the Companies Act,1956 (hereinafter to be referred as `the Act for short) praying for winding up of Som Distilleries and Breweries Ltd. , respondent herein. It is the case of the petitioner that respondent owes a sum of Rs. 1,23,04,312. 50 to the petitioner and it has failed to pay this amount even after statutory notice dated 7. 6. 2001 under Section 433 (e) of the Act was served upon the respondent. According to the petitioner, therefore, it is clear that the respondent company is unable to pay the debt. The circumstances under which the amount became due is stated in the petition by alleging that in or about July,1999 the respondent approached the petitioner to act as the respondent s advertisers and media managers to advertise the products of the respondent on various channels. Agreement for this purpose was entered into. Terms and conditions were recorded in the letter dated 29. 7. 1999. The advertisements were to be telecast on various channels at the rates approved by the respondent company and the petitioner was to get its commission thereon. The petitioner was to raise in