( 1 ) THE present petition by G. K. W. Limited has been filed seeking winding up order against respondent, primarily on the ground that the respondent company placed order upon petitioner for the supply of diverse quantities of materials of iron and steel. These orders were placed by the respondent company upon petitioner from April,1994 to August,1996. For the sale and delivery of these diverse quantities of materials of iron and steel petitioner raised 23 invoices/ bills amounting to Rs. 54,84,784. 85 paise. The respondent company paid Rs. 5,77,000. 00 leaving the balance of Rs. 49,07,785. 85 paise against the outstanding bills. This amount of the bills has not been paid by the respondent company inspite of repeated demands. Finally statutory notice was served on the respondent company. As per petitioner, the respondent company is still indebted to it to the tune of Rs. 49,07,785. 85 paise.

( 2 ) RESPONDENT challenged the claim of the petitioner on legal grounds as well as on merits. Legal objections relate to the maintainability of this petition. It is the defence of the respondent that since the petition is based on running account, therefore, not maintainable. S