JUDGMENT : - This is a petition for winding up by court of the respondent-company, the Stressed Concrete Constructions Private Ltd.

2. The respondent-company was formed to take over the assets, rights and goodwill of the business known as Rayalaseema Constructions. The petitioner is stated to have advanced a sum of Rs. 15,000 to the respondent-company by way of loan on 14-8-1953 carrying interest at six per cent per annum. This has been acknowledged in writing by the Director incharge of the Respondent-company on 30-8-1955, showing the amount due to the petitioner as amounting to Rs. 13,807-12-0 as on 30-6-1955. The balance-sheets of the respondent-company for the years ending with 30th June 1954 to 1957 contain specific admissions of the amounts due and payable to the petitioner. On 13-11-1956 when the petitioner had sent a registered communication to the Managing director of the respondent-company threatening legal action in default of payment, the managing director by his letter dated 15-12-1956 requested the petitioner to stay his hand for sometime. On 10-1-1957 the petitioner made a further demand calling for payment of the amount due to him which was duly served on th