JUDGMENT :

(Prayer: Company Petition filed under Section 433(e) and (f) read with Section 434 (1) (a) and 439 (1) (b) of the Companies Act, 1956, praying to a) Order for winding up of the respondent under the provisions of the Companies act, 1956; b) Appoint the Official Liquidator, High Court, Madras as the Liquidator of the respondent with all powers under Section 448 of the Companies Act, 1956 to take charge of the assets, properties, stock in trade and books of accounts of the Company; c) Order costs of this petition.)

1. The petitioner, as a stock corporation registered under the Laws of Switzerland, seeks winding up of the respondent for the alleged inability to pay the debts under Section 433 (e) and (f) read with Sections 434 and 439 of the Companies Act, 1956.

2. According to the petitioner, the respondent which is a private Sector Airline had availed of the services of a Company named SR Technics, Switzerland, for maintenance, repair and overhauling of Air Craft Engines, modules, components, assemblies and parts which are mandatory for its operations. An agreement for perform