1. The Bank of New York Mellon has filed this petition under Sections 433(1) (e) and (f), 434(1) (a) read with Section 439(1)(b) of the Companies Act, 1956, for winding up of the respondent company, i.e. M/s.Pyramid Saimira Theatre Limited, on its inability to pay the admitted liability.

2. On July 3, 2007, the respondent company entered into a trust deed with the petitioner, appointing the petitioner as trustee in respect of foreign currency convertible bonds. Thereafter, by way of a supplemental trust deed dated December 19, 2009, the conversion price was further revised to Rs.246.50, representing US$ 90 million. This was to carry interest at the rate of 7.75% interest redeemable in the year 2012. The liability stands admitted in the respondent company's annual report for the year 2007-2008. The interest on the amount was payable on 3rd January and 3rd July of each year.

3. The respondent company paid payments of interest on January 3, 2008, however, the company failed to pay the interest falling due in January 2009. However, it was subsequently paid on January 9, 2009 and January 13, 2009. The respondent company, thereafter, failed to pay the interest due and in terms