R. BANUMATHI, J.

This application is filed to permit the petitioner Company Indian Oil Corporation Limited to withdraw the sum of Rs.5,30,00,000/- together with accrued interest.

2. During the course of business, Petitioner had entered into two separate fuel supply contract dated 23.7.1996 with the Respondent-M/s.NEPC India Limited and its sister concern M/s.Skyline NEPC Limited. Both M/s.NEPC India Limited and M/s.Skyline NEPC Limited fell into huge arrears under aircraft fuel account over a period of time. According to the Petitioner by 30.04.1997, the total arrears due from M/s.NEPC India Limited and M/s.Skyline NEPC Limited under aircraft fuel account accumulated to more than Rs.19.00 crores. For recovery of the said amount, Petitioner has filed three suits viz., C.S.No.425 of 1997; C.S.No.998 of 1999 and C.S.No.11 of 2007 respectively.

3. Since the Respondent Company and M/s.Skyline NEPC Limited committed default in clearing the outstanding amount, Petitioner-M/s.Indian Oil Corporation Limited filed C.P.No.232 of 1998 under Sections 433(e) read with 434 of the Companies Act for winding up of Respondent Company and M/s.Skyline NEPC Limited. By Order dated 30.9.2011,