( 1 ) M/s. Mayar Traders Ltd, by this applicationhas sought the winding up of M/s. Akhil Service Ltd. on the ground that thesaid Company is unable to pay its debts. M/s. Akhil Services Ltd. respondent herein, placed order on the petitioner company for the printing oflottery tickets for its various draws namely Jeewan Shakti. Jeewan Mothijeewanshree,jeewansagar,jeewan Akshay, Jeewen Jyothi and Jeewandhara. The agreement was arrived at between the parties, the terms ofwhich are contained in petitioner s letter dated 15. 1. 91. Pursuance to thatagreement, the petitioner was to print the tickets of the first four lotteriesfrom the third draw onwards and those of the last three lotteries from thefourth draw onwards. These tickets were to be despatched by the petitionerto the respondent. Petitioner raised bill with regard to the lottery ticketsprinted by the petitioner for the respondent. Some payments were madeby the respondent but an amount of Rs. 1,72,000. 00 was still due and outstanding against the respondent. Respondent raised objections regardingthe delivery of ticket, schedule followed by the petitioner and hence lodgedprotest regarding payments. However, after discussi