R.V. EASWAR, J.

The petitioners Shahi Exports Pvt. Ltd. and Ms. Surabhi Sindhu have filed the company petition for winding up of CMD Buildtech Pvt. Ltd, hereinafter referred to as “the Company”, under section 433(e) read with sections 434 and 439 of the Companies Act, 1956 on the ground that the Company is unable to pay its debts allegedly amounting to Rs.17,05,13,764/-. The petition came to be filed in the following circumstances. On 27.11.2007, a sum of Rs.8 crores was advanced for interest to the Company. Sarla Fabrics Pvt. Ltd. advanced Rs.4 crores and Ms. Surabhi Sindhu advanced the other sum of Rs.4 crores. The agreement was signed by the lenders, the Company as well as two personal guarantors, out of which Sunita Narula, a Director of the Company, was one. The loan was for a period of three months.

2. By orders of this Court dated 24.2.2011, 9.3.2011 and 21.3.2011, Sarla Fabrics Pvt. Ltd. was amalgamated with Shahi Exports Pvt. Ltd., one of the present petitioners. On 28.11.2011, the petition for winding up the company was filed in this Court. Initially, after issuing notice to the Company, there was some effort towards mediation and conciliation but ultimately these e