Honble AGRAWAL, C J. — A petition, under section 434 of the Companies Act (hereinafter to be referred to as the Act), was filed by Industrial Designs Bureau for winding up of Falcon Gulf Ceramic Limited. The respondent entered into a Consultancy Services Contract with the appellant-company for lay-out, drawings, engineering, tender-invitation and supervision of construction of its factory, office and connected buildings of their project in Plot No. 223 to 226, Matsya Industrial Area, Desalt, Alar. The appellant-company was registered under the Companies Act vide Certificate of Incorporation No. 3461 of 1985-86 dated 29.11.1985 as a public company limited by shares. On the basis of tenders received, the work for the construction of the factory, office and buildings connected with the project of the company at Alar was awarded on 15.6.1987 to M/s Nucon India Pvt. Ltd., a Construction Contractor. The work under consultancy services contract stood completed on 145.1991. Prior to submission of the final bill for consultancy work, the credit balance of the respondent with the appellant-company was Rs. 1,76,646.41 which had been outstanding since 31.1.1990.

(2) The respondent gave a notice

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