S.K. Keshote, J.-The petitioner filed this petition under Sections 433 and 434 of the Companies Act, 1956 (for short, ‘the Act, 1956’) for winding up of Wizard Biotech Private Limited (hereinafter shall be referred to as ‘the respondent-company’).

2. The facts leading to filing of this petition, briefly stated, are that the respondent-company is a private limited company registered under the 1956 Act, and having its registered office at 768, Ram Nagar, Shastri Nagar, Jaipur.

3. On 19th of September, 2001, the respondent-company obtained a loan of Rupees five lakhs from the petitioner on interest at the rate of 18% per annum. It is admitted by the petitioner that as against this loan the respondent-company paid Rupees two lakhs vide Cheque dated 30-3-2002; Rupees one lakh on 10-7-2002; Rupees fifty thousand on 19-8-2002 and Rupees fifty thousand on 5-3-2002. Thus, rupees four lakhs have been paid by the respondent-company to the petitioner and the grievance has been made in the petition for remaining loan amount of Rupees one lakh with interest at the rate of 18% per annum.

4. A notice under Sections 433 and 434 of the Act, 1956 was served upon the respondent-company on 20t