In this application, the applicant has sought for revival and restoration of Company Petition No.76 of 1997 to file, as per the order, dated 23.11.2001.

2.The applicant filed Company Petition No.76 of 1997 for winding up of the respondent company by reason of its inability to pay their debts. According to the applicant, while the company petition was pending, a memo of compromise was entered into between the parties on 25.3.1998, in which, the respondent admitted their liability to the extent of Rs.1,70,70,080/- and agreed to pay the same in instalments. The respondent failed to make payment as per the compromise and the Division Bench directed admission of the company petition and publication of notice of the same on 28.3.2000. The respondent filed an affidavit of undertaking to pay the above said sum in instalments and it again defaulted. The petition was heard and order was reserved and at the time of pronouncement of the order, the respondent once again offered to effect payment of the amount in instalments and based on that, a further memo of compromise was entered into between the applicant and the respondent on 23.11.2001, whereby it is provided that out of the to