P.K. PALLI, J.—Both the petitions (Coy, Pet. Nos. 8/93 and 2/95) are taken up together and are being disposed of by a common judgment as the points raised in both the petitions and the relies are almost common.

2. These petitions have been filed under Section 439 read with Sections 433 and 434 of the Companies Act, 1956 with the prayer that as the respondent-Company has commercially gone insolvent and is unable to discharge its debts, it is just and equitable as well as necessary in the interest of the creditors that the Company be wound up under the provisions of the Act.

3. Notices were issued by this Court to show cause why the petitions be not advertied. Replies have been filed. A lot of time of this Court was consumed by the parties to get the matter settled amicably but with no fruitful result.

4. Company Petition No. 8 has been filed by Essar Gujarat Ltd. (Steel Division) against Shree Kangra Steels Pvt. Ltd. on the allegations that the petitioner in pursuant to the order, made supplies to the respondent which continued till March 1, 1993. Details of the supplies and the cheques received by the petitioner as well as those dishonoured are given in the statement of accou