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