( 1 ) ARHAM Engineers Pvt. Ltd. has sought the winding up of Cepham Organics Ltd. (hereinafter called the company ) on the ground, that the company invited quotation from the petitioner regarding air conditioning work on the companies project for manufacturing Ampicilin, Sodium Steryl at Kundli. The tender submitted by the petitioner, for execution of the said work, was separated into two parts; one for supply of equipment and accessories for exhaust and fresh air system and the other for the installation of said equipment. The first part of the contract was awarded to the petitioner. On acceptance of the offer, the company paid an advance ofrs. 50,000. 00 to the petitioner. The petitioner executed the work and submitted the invoices from time to time. On completion of the contract, the petitioner submitted its final bill/invoice for Rs. 89,804. 66 p. , balance as against the total bill of Rs. 1,79,804. 76 p. the company cleared the bill to the extent of Rs. 1,78,764. 75 p. there by leaving a principal sum of Rs. 88,764. 75 p. due. This outstanding due is payable by the company. The company infact confirmed the credit balance. The company also issued Form c in res