MANMOHAN, J.

1. Present winding up petition has been filed under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956 (hereinafter referred to as ‘the Act’) stating that the respondent is unable to pay its debts allegedly amounting to US$ 300,000 equivalent to Rs. 1,47,72,000/-.

2. The facts as stated in the present petition are that the petitioner is a sole proprietorship firm, based in the United States of America, owned by Mr. Deepak Mehta.

3. It is stated in the petition that respondent company's duly authorised representative Mr. Farhath Hussain was approached by the petitioner to arrange stage shows in United States in which Mr. Vivek Oberoi, the film star was willing to participate between 24th August, 2003 and 30th September, 2003. In support of its case the petitioner has annexed the respondent's letter dated 29th January, 2003 allegedly authorising Mr. Farhath Hussain to not only enter into contracts on behalf of the respondent company but also to accept monies in its account. In the petition, the petitioner has also relied upon another letter dated 29th January, 2003 issued by Mr. Vivek Oberoi authorising the respondent company to deal on