Akil Kureshi, J.

This appeal is filed by the original respondent challenging the order of the Learned Single Judge dated 19.06.2015 passed in Company Petition No.141 of 2014. By such order, by giving detailed reasons, the learned Judge admitted the Company Petition for winding up. While doing so, the present appellant original respondent was granted one more opportunity to discharge its liability within 30 days. If so done, requisite advertisement would not be published.

2. The appeal arises in following factual background.

3. M/S. STS Products Inc., the petitioner of the Company Petition, is a body corporate incorporated under the laws of the State of Delaware, USA and deals in the business of supplying engineering equipments and other connected products. The respondent of the Company Petition Rama Gum Industries (India) Limited is a company registered under the Companies Act and was converted from a partnership firm in the year 2013. Rama Gum Industries is engaged in manufacturing and export of various products including 'Guar Gum' which is an industrial lubricant. M/s. STS Products required such product, for which, after negotiations with Rama Gum Industries, it placed an order on 02.04.2013 for purchase of 120,000 pounds of Fast Hydrating Guar Gum Powder 40/45 CPS (hereinafter to be referred to as 'Guar Gum Powder') which would be shipped in 3 containers. Agreed price of the such product was 3.22 USD per pound which worked out to a total consideration of 386,400 USD. The terms of the agreement were that the freight would be paid till Houston, USA. 20% of the agreed price would be paid in advance. Balance to be paid against bill of lading. Pursuant to such agreement, M/s. STS Products paid 77,280 USD on 03.04.2013 towards 20% advance payment. After product approval by M/s. STS Products, Rama Gum Industries also shipped the 3 containers of the said goods. The vessel left on 03.05.2013.

4. In the meantime, M/s. STS Products placed another order for the same product with Rama Gum Industries for purchase of 3.20 lakh pounds at the rate of 2.65 USD per pound. Total value of the purchase would come to 8.48 lakh USD. M/s. STS Products also made advance payment of 30,000 USD towards this purchase order on or around 17.05.2013.

5. Disputes surfaced between the parties with respect to both these purchase orders. We would take note of the detailed correspondence between two sides more minutely at a later stage. At this stage, it would be sufficient to note that M/s. STS Products negotiated with Rama Gum Industries with respect to the first purchase order of the 3 containers. The supplier Rama Gum Industries agreed to reduce the price by 10%. Total revised payment was made by M/s. STS Products comprising of three components. First was the advance payment of 77,280 USD. Second was adjustment of 30,000 USD which was the advance payment for second consignment. The remaining amount of 240,480 USD was paid through two transactions on or around 01.07.2013. According to M/s. STS Products, by virtue of this arrangement, full payment of the revised price for the 3 containers was paid to Rama Gum Industries. The order for the 8 containers was cancelled through mutual agreement. According to M/s. STS Products, Rama Gum Industries was therefore required to release the bill of lading in favour of the purchaser, upon which, the goods which had by then arrived, would be lifted. Rama Gum Industries however, took a stand that the purchase order for 8 containers of Guar Gum Powder was never cancelled. By the time of placing of the purchase order and payment for the first consignment, the prices in international markets had crashed. Rama Gum Industries had already collected the rawmaterial and started manufacturing the Guar Gum Powder as per the second order of M/s. STS Products also. On account of M/s. STS Products not honoring its commitment for