JUDGEMENT

Both these petitions are filed under Section 433 (e) read with Section 434 of the Companies Act, 1956 for winding up of the respondent Company, namely, M/s. Shree Bansidhar Pvt. Ltd. Since the respondent Company is same in both the petitions and subject matter of both the petitions are also same, they are being disposed of by common order.

2.In Company Petition No. 4 of 2002, it is the case of the petitioner that the petitioner has been carrying on the business of dealing in various items of fabrics and other miscellaneous items and used to send clothes to the Company for processing and regular bills for the same were issued on account of this and timely payments were also received. The petitioner used to give to the Company a large amount of money in advance and the bills issued by the Company for processing charges were being adjusted against the said advance. After clearing all the bills raised by the Company for claiming processing charges out of the amount paid in advance, the Company was liable to pay an amount of Rs.

2,48,858.94ps. After closure of the business transactions between the petitioner an