( 1 ) THE present petition is filed by the petitioners under Sections 433,434 and 439 of the Companies Act, 1956, praying for an order winding up the respondent company for its inability to pay the dues of the petitioners. The case of the petitioners is that petitioner No. 1 gave a loan of Rs. 70 lakhs on or about April 8,1993 by cheque No. 678716 drawn on American Express bank, Bombay, which was repayable by February 2,1994. It is alleged that the said cheque amount was debited to the account of petitioner No. 1 on April 20,1993. It is further alleged that the respondent failed to make any payment as against the aforesaid liability along with interest accrued thereon and therefore a statutory notice was issued to the respondent under Sections 433 and 434 of the Companies act.

( 2 ) WITH the aforesaid allegations a petition was filed in this Court under sections 433,434 and 439 of the Companies Act, which was registered as CP No. 176/1995, praying for winding-up of the respondent company for its inability to pay its dues. The respondent on service of notice entered appearance and contested the petition by filing a reply. A preliminary objection was taken by the res