JUDGMENT

W. Broome, J. - This petition for the winding up of the; Federal Chemical Works Limited of Ghaziabad has been presented under section 439 (1) (b) read with section 433 (e) and (f) of the Companies Act, 1956, by three creditors of the Company, who also happen to be shareholders. The amounts claimed by three petitioners Devendra Kumar Jain, Mahendra Kumar Jain and Mst. Hira Devi are Rs. 7,462, Rs. 30,000 and Rs. 5,000 respectively together with interest. Statutory notices of demand were served on the Company on 26th November, 1963; but the Company made no payment and the petitioners accordingly assert that by virtue of the presumption arising under section 434 (1) of the Act the Company must be deemed to be unable to pay its debts, It is further alleged by the petitioners that Mittra Sain Jain has seized control of the Company and is running it in a manner prejudicial to the interests of the petitioners.

2. The petition is opposed by the Company and its directors, who have filed a counter-affidavit, pleading that there are bona fide disputes with regard to the claims of each of the three petitioners. The stand taken in this counter-affidavit is that although the amounts claim