1. - This is a petition for winding up of the non-petitioner Company-M/s Jagatia Paper Mills Pvt. Ltd, filed by the UCO Bank.

2. Briefly stated, the facts of the case are that the petitioner--UCO Bank is a nationalised Bank and the non-petitioner Jagatia Paper Mills Pvt. Ltd., is a Company incorporated under the provisions of the Companies Act, 1956 (here in after referred to as the non-petitioner Company). The non-petitioner Company entered into a banking transaction with the Branches of the petitioner Bank at Bhilwara, Jauhari Bazar, Jaipur and Singapore and the Divisional Office at Jaipur. The non-petitioner Company requested the petitioner Bank for giving cash credit facility to it at Bhilwara Branch in the year 1983. This facility was sanctioned in the sum of Rs. 6 lacs. The non-petitioner accordingly executed necessary documents by way of security and collateral security for the purpose of payment of such outstanding as may remain unpaid. These documents were renewed on 29th June, 1985. At the time of renewal, the petitioner Bank bad executed on 29th June, 1985, confirmation letter acknowledging and admitting the balance as on 29th June, 1985, for a sum of Rs. 9,07,84