K.A. Mohamed Shafi, J.

This petition under S.433 (e) of the Companies Act is filed by the petitioner for winding up of the respondent-company.

2. The respondent is a Private Ltd. Company incorporated on 4th May, 1993 under the provisions of the Companies Act engaged in the business of manufacturing, designing, printing, processing, purchasing, exporting, importing, selling and dealing in Silk Sarees and other silk materials. The petitioner is a dealer in sarees particularly silk sarees in Coimbatore. The respondent used to place orders with the petitioner for supply of sarees in the course of the business and the petitioner jeed to supply sarees as per the orders.

3. According to the petitioner, they supplied sarees worth Rs. 45,51,830/- under invoice Nos. 5087 to 5097 dated 1.2.1994 and invoice Nos. 5360 to 5369 dated 25.5.1994. Deducting a sum of Rs. 23,20,945/- being the value of the goods returned on various dates, a sum of Rs. 20,05,150/- was due to the petitioner from the respondent in that transaction. Subsequently, the respondent paid a sum of Rs. 9,50,0007* on various dates towards part payment of the total outstandings. An amount of Rs.. 10,55,150/- is due and pa