1. This is a petition under Sec.439 read with Sec.433 and Sec.434 of the Companies Act, 1956 (for short "the Act" ). Brief facts : The respondent-company had been purchasing steel ingots and flats of various specifications from the petitioner. A running account was maintained.

2. A sum of Rs.2,38,910 became due from the respondent which was not paid after service of statutory notice. The petitioner filed C. P. No.166 of 1983, for winding up the respondent-company for non-payment of the debt due. The petition was disposed of by the learned company judge with the following observations : "the parties have entered into a compromise. In view of the same, learned counsel for the petitioner prays that this petition may be dismissed as withdrawn. I order accordingly. It is further prayed that the whole of the amount compromised has not been paid so far, so the petitioner may be allowed permission to file a fresh petition if the amount is not paid according to the compromise. The prayer is allowed and the petition is dismissed with permission to file a fresh petition in case the compromise falls through. "

3. The respondent-company paid a sum of Rs.35,000 in August, 1985, and a sum