V. K. Mehrotra, Actg. C. J.—M/s. Kanwar Papers Private Ltd. was incorporated under the Companies Act, 1956, on January 14, 1981, as a private company limited by shares. Its registered office is at Kala Amb, District Sirmur, in Himachal Pradesh. The Managing Director of the company is one Kanwar Balbir Singh. His daughter is married to one of the sons of Ram Kishan Malik. One Shri H. K. S. Malik was the brother of Ram Kishan. He was once a District and Sessions Judge and after retirement enrolled himself as an Advocate. Shri Jagat Narain, who was a school teacher, retired from service on February 15, 1981. He received some cash amount as part of retiral benefits. Smt. Sumitra Devi is the wife of Shri Jagat Narain.

2. On June 5, 1984, Company Petition No. 2 of 19S4 was presented in this Court by Ram Kishan, Jagat Narain and Smt. Sumitra Devi. The petition contained the prayer for the winding up of M/s. Kanwar Papers Private Ltd. mainly on the ground that the company was indebted to the three petitioners to a huge extent. The amount that was due to the petitioners from the Company till April 20, 1984, was Rs. 1,44,000, Rs. 60,000 and Rs. 75,000. The case of the petitioners is t