( 1 ) THIS is a petition filed by the petitioner againstthe respondent company alleging that the respondent company is indebted tothe petitioner to the tune of Rs. 3,15,165. 00which the respondent companyfailed to pay despite a notice of demand dated 25/03/1988 undersection 434 of the Companies Act having been served on the company. It isfurther pointed out that the company kept on shifting its Registered Officewithout filing any return with the Registrar of Companies and that a noticewas ultimately served on 21/05/1988. Despite such service the respondentcompany did not pay the dues of the petitioner nor took any steps tocompound the dues.

( 2 ) THE petition was resisted on various ground which have beenrefuted by the petitioner in the rejoinder. The respondent has alleged thatthere exists a bonafide dispute about the claim of the petitioner. Therespondent while disputing the liability and delivery of goods the price whereof is claimed by the petitioner has taken the plea that the respondentreceived licence to manufacture pharmaceuticals by the Drug Control andlicencing Authority, Delhi only on 13. 5. 1986 whereas all the bills on thebasis whereof the present action has