Vibhu Bakhru, J.

1. The present petitions have been filed by the petitioner companies under sections 433(e) and 434 of the Companies Act, 1956 (hereinafter referred to as the ‘Act’), inter alia, praying for winding up of the respondent company on the ground that the respondent company has failed and neglected to pay a sum of Rs.1,03,18,917/- along with late payment charges (in Co. Pet. No.373/2012) and a sum of Rs.1,18,11,927/- along with late payment charges (in Co. Pet. No.375/2012), which are contended to be due and payable by the respondent company on account of supply of various iron and steel products by the petitioner companies. Although, the respondent disputes the liability as claimed by the petitioners, it is admitted that the respondent owes an aggregate sum of Rs.1,56,00,000/- to both the petitioner companies. Notwithstanding the respondent’s contention that it owed only a sum of Rs.1,56,00,000/- to the petitioners, the respondent offered to pay the petitioners an aggregate sum of Rs.1,79,00,000/-. The respondent has offered to pay the said amount because the respondent had already issued cheques for the said amount in favour of the petitioner companies, which