JUDGMENT :

K.M. Thaker, J.

The applicant has taken out the present proceedings seeking below mentioned relief(s) :

"(a) That the order dated August 27, 2004 passed in Company Petition No. 2 of 2004 winding up M/s. Alang Industrial Gases Limited be recalled or be permanently stayed.

(b) That pending the hearing and final disposal of this company application and subject to the Hon'ble court ultimately recalling or permanently staying the winding up order dated August 27, 2004 passed in Company Petition No. 2 of 2004 the applicant may be permitted to make an application to the Bombay Stock Exchange for removing/revoking suspension of the company."

2. The applicant is an ex-director and shareholder of the company named M/s. Alang Industrial Gases Limited (in liquidation).

3. It appears from the record that somewhere in 2004, the present respondent No. 2 had filed a winding up petition being Company Petition No. 2 of 2004 against the company alleging, inter alia, that the company was unable to pay its debts when it became due and payable.

4. After considering the case of the petitioner and the defence made out by the company, the court passed winding up order dated August 27, 2004.

5. Therefore, the applicant filed the statement of affairs and also gave his statement under rule 130, as required by law.

6. The applicant has come out with a case that after the winding up order was passed on the ground that the company is unable to pay the dues of its creditors, the applicant, over a period of time, entered into negotiations with various creditors (including the present respondent No. 2) of the company for settling their claims. It is also claimed that one after another, the company could settle/clear dues of all the creditors except one of its creditors viz., M/s. Arun Machineries and Dyes Private Limited, who, at the relevant time, had a claim in the sum of Rs.2,11,506 as unsecured creditor.

7. It is expressly asserted by the applicant that except the claim of one creditor, the claims of all creditors, including the present respondent No. 2 (i.e. the petitioning-creditor) have been paid or settled by the company. It is also asserted by the applicant that he is ready and willing to pay the said creditor, viz., M/s. Arun Machineries and Dyes Private Limited or to deposit its claim amount with the court. A list of secured and unsecured creditors as on the date of winding up order, is given at paragraph 2, page 6 of the application, which contains 8 names of the creditors, including respondent No. 2 and it is claimed that except the creditors whose details are mentioned in the list the company had no secured or unsecured creditors. This statement also contains the details about the amounts due to the said secured/unsecured creditors.

8. In support of the application, the applicant has, in paragraph 3 averred that :

"The company was wound up because at the relevant time the company and its promoters were passing through severe financial difficulties and could not pay its creditors. However, after the company was wound up, the applicant, as the ex-director and major shareholder of the company negotiated with the creditors and has been able to settle the dues of all but one of the creditors of the company and the claims of the Income-tax Department. Of the above listed creditors in paragraph 2, except the one listed at Sr. No.4, M/s. Arun Machineries and Dyes Pvt. Ltd., the applicant has settled with/paid off all other creditors who have issued their respective no dues certificate. . ."

9. So far as one unsecured creditor, whose dues remain unpaid, learned counsel for the applicant has submitted that the company has certain disputes with the said unsecured creditor, however, notwithstanding the said dispute the applicant is ready to deposit the entire amount in the registry of the court.

10. It appears that apart from the secured/unsecured creditors, whose details are mentioned in the list in paragraph 2 at page 6 of this application the company has lia