JAYANT NATH, J.

1. This petition is filed under section 433(e) and 434 of The Companies Act, 1956 seeking winding up of the respondent company. The case of the petitioner is that the petitioner is inter alia a provider of downloads, streams, voice tones, ringtones, match results and match fixtures for mobile publishing and stream of worldwide reputation. The respondent approached the petitioner to obtain a limited, revocable, non-exclusive and non-transferable license to use and exploit the said contents solely for providing the said contents to the mobile telecommunications devices of customers in India, Sri Lanka and Bangladesh. Parties entered into a contract on 01.07.2006 whereby the respondent was granted the said license by the petitioner. In consideration thereof it is stated that the petitioner raised various invoices with regard to the royalties’ payable by the respondent for use of the said contents amounting to USD 225,000.00. However, the respondent failed to make the payment of the said invoices. Accordingly, the petitioner issued a notice on 29.07.2010 fo