J.S. Khehar, J. - M/s MSTC Ltd, the petitioner, is a government Company incorporated under Section 617 of the Companies Act, 1956, the Government of India holds about 90% of its shares. The registered office of the petitioner company is located in Calcutta. According to the averments made in the petition, the petitioner-company is carrying on the business of import, selling, auctioning of various categories of scraps, materials and allied products to various customers like government departments, corporations, companies, firms and individuals throughout the country.

2. M/s Shree Diwan Steels (India) Ltd., the respondent-company had its registered office at Ludhiana. M/s. Surjit Finance Ltd. filed Company Petition No. 96 of 1997 praying for the winding up of M/s. Shree Diwan Steels (India) Ltd. i.e. the respondent company under Section 433 (e) and (f) of the Companies Act, 1956 on 3.7.1997. On 10.2.1999, Company Petition No. 96 of 1997 was allowed by the passing of a winding up order against M/s. Shree Diwan Steels (India) Ltd., i.e. the respondent-company. The Official Liquidator attached to this Court was appointed as the Liquidator to take charge of the respondent-company