SANJIV KHANNA, J. (ORAL):

This intra-Court appeal impugns order dated 7th December, 2012 passed by the Company Court dismissing the winding up petition under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956 (Act, for short) on the ground that the claim was based on the debt, recovery of which is barred under the law of limitation. 2. In the grounds of appeal, it is averred that the Limitation Act, 1961 does not apply to a winding up petition under Section 433(e) read with Sections 434 and 439 of the Act. The contention is legally untenable and has to be rejected. Section 433(e) and Section 434(1)(a)of the Act read as under:

“433. Circumstances in which company may be wound up by Tribunal.—A company may be wound up by the Tribunal,— (e) if the company is unable to pay its debts;

434. Company when deemed unable to pay its debts. — (1) A company shall be deemed to be unable to pay its debts— (a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding [one lakh rupees] then due, has served on the company, by causing it to be delivered at its registered office, by registered post or otherwise, a demand under his hand