Srinivasan, J.

1. These two appeals arise out of a petition for winding up filed under Section 433(e) of the Companies Act. The appellant in O.S.A. No. 116 of 1987 was the respondent in Company Petition No. 87 of 1985 and the appellant in O.S.A. No. 174 of 1987 was the petitioner in the company petition. The parties will be referred to hereinafter by their rank in the company petition.

2. It is not a matter in dispute that the petitioner supplied skins of sheep and goats to the respondent from January, 1981 to July, 1982, under 17 bills marked as Exs. P 2 to P 18. There was no time limit for payment of the price of the goods nor was there any agreement to pay interest on delayed payments. It is admitted that a sum of Rs. 1,24,752-88 was due to the petitioner and it was making demands on the respondents to pay the same. It issued a notice through a lawyer on 8.12.1982 and the notice is marked as Ex. P45. In that notice, it had not only demanded payment of the principal but also the payment of interest at the rate of 18 per cent per annum. There was no reply to the notice by the respondent. Thereafter, there was correspondence between the parties. On the one hand, the petitione