Gita Mittal, J.-By this petition under Section 433 of the Companies Act, the petitioner seeks winding up of the respondent company for the reason that it is unable to pay its admitted debts.

2. The petitioner was awarded two contracts by the respondent for providing and fixing of powder coated aluminium work for doors and windows, ventilators and partitions with extruded built up sections. The contract dated 15th of November, 2004 in respect of Windsor Greens, Sector 50 was for a total consideration of Rs.142 lakh while the contract dated 20th of May, 2004 in respect of the work to be undertaken at the Golf Vista Apartments, Plot No. GH-01, Sector-Alpha II, Greater Noida was for a total consideration of Rs. 54 lakh.

Inasmuch as Clauses 7 and 8 of the agreement are relevant for the present consideration, the same deserve to be considered in extenso and reads thus:

"7. Retention Percentage Security Deposit-10% on every Bill (subject to maximum of Rs. 5.00 lacs).

8. Release of Retel1tiol1 Money-50% to be released after six months after virtual completion and balance 50% after expiry of 12 months of defect liability period but it can be replaced by Bank Guarantee."

3. In terms of t