S.K. Gangele, J.

This appeal has been filed against the order dt. 25-3-2012 passed by the Company Judge in Company Petition No. 5/2011. By the aforesaid order, the learned Company Judge allowed LA. No. 2590/2011 filed by the respondent No. 1 and appointed a provisional Liquidator.

2. The respondent No. 2 filed a winding up petition of the appellant-company. It is pleaded that the respondent No. 1 advanced inter corporate deposits to the appellant-company and an amount of Rs. 5.15 crores was advanced. The appellant-company admitted the aforesaid debt. It agreed to pay the debt vide settlement agreement dt.18-1-2010 in two instalments before May 31, 2011. But it paid only Rs. 2 crores and rest of the amount have not been paid. On 15-2-2011 the liability of the payment of Rs. 5,73,97,440 was due against the appellant-company. Respondent No. 1 further pleaded that the appellant-company did not file annual returns and it was running in loss and substratum of the company was lost. It was under suspension on account of non-compliance of listing agreement clause since 28-2-1997. It filed LA. No. 2590/2011 under sections 443 and 445 of the Companies Act, 1956 read with Rule 9 of the C