Honble LAKSHMANAN, CJ.–This Special Appeal was filed by the respondent in the Company Petition (Sand Plast India Ltd., Jaipur) against the order dated, 15.09.1998 passed in S.B. Company Petition No. 9/97, by P.P. Naolekar, J. dismissing the objections against the maintainability of the winding up petition filed by the respondent Company (ITC Bhadrachalam Finance & Investment Ltd. Mumbai. Company Petition No. 9/97 was filed by the respondent herein under Sections, 433, 434 and 439 of the Companies Act, 1956 for winding up of the appellant company. According to the respondent Company, the appellant is liable to pay a sum of Rs. 1,00,51,237/- due to it on 31.12.1996 with interest thereon. Since the appellant company was unable to meet its financial obligations, the above company petition was filed for winding up of the appellant company, as according to the respondent herein that the appellant company appears to be in a commercially insolvent condition.

(2). Preliminary objections were filed by the appellant company. The objections are:

(i) The winding up petition is not maintainable and is liable to be dismissed as the affidavit filed in respect of the petition is not in conformity wit

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