JAYASIMHA BABU J.

This is a petition for the winding up of the respondent company under section 433(e) and (f) read with sections 434(a) and 439(1)(b) of the Companies Act, 1956. This petition was filed on April 8, 1994. The question of limitation looms large in this petition. The petitioner, Sri Vijayalakshmi Art Productions, a registered partnership firm, claims to have advanced to the respondent company between July 2, 1985, and March 8, 1990, large sums of money aggregating to Rs. 71, 00, 000. The petitioner has stated that the said sums were advanced at the request of the respondent and were to carry interest at mutually agreed rates. The petitioner has, at para 5 of the petition stated :

"The receipt of the above loan was acknowledged by the respondent under various correspondence, the last of which is dated January 21, 1994, by the respondent's chartered accountant on behalf of the respondent company, and by one of the directors of the respondent company on January 24, 1994. Curiously in letter dated January 24, 1994, the respondent company confirmed only a sum of Rs. 19, 03, 500 standing to the credit of the petitioner in the respondents' books of account. Needle