Sri Raghvendra Singh, learned Senior Advocate assisted by Sri Deepak Shukla, learned counsel for the petitioner submits that the petitioner has entered into a commercial transaction with the opposite parties pertaining to the supply of Molasses. In this regard, an amount of more than rupees five crores is due and the same has not been paid inspite of a numerous requests. So, the present company petition has been filed for winding up. For this purpose, he has drawn attention to the Page 36 of the petition, which is "settlement of outstanding dues", and also its reply given by the opposite parties (Page 37), where the liability of the payment has been accepted.

2. He also submits that earlier, the other creditors have also filed Company Petitions (Like No. 3 of 2011) for winding up of the company, where an interim order was granted not to alienate the property. But, the matter was referred to the Mediation & Conciliation Centre, Lucknow.

3. Learned counsel further submits that in the petitioner's case (Company Petition No. 16 of 2012) matter was also referred to the Mediation & Conciliation Centre, Lucknow, but the same has failed. So, the present petition is presen