A. K. MATHUR, C. J.

( 1 ) THE brief facts which are necessary for disposal of the instant appeal are that a winding up petition under sections 433, 434 and 439 of the Companies Act, 1956 was filed by ICICI Limited Company (hereinafter referred to as ICICI) for winding up of M/s Maxlux Glass Private Limited (hereinafter referred to as Company ). The Company was incorporated under the provisions of the Companies Act, 1956 as a private Company limited by shares. The authorised share capital of the Company is Rs. 100,100,000. 00 divided into 10,000,000 share of Rs. 10/- each. The issued and subscribed capital of the Company is Rs. 70,130,360. 00 made up of equity shares of Rs. 10/- each fully paid up. The Company carries on business of manufacturing of different kind of glass article. The Company was indebted to the petitioner in the sum of Rs. 4,75,03,044/- as on 15th August, 1999 on account of money lent and advanced by the petitioner and not repaid by the Company. The petitioner claimed interest on and from 16th August, 1999 at the agreed rate. The petitioner granted loan to the Company from time to time for the purpose of meeting the cost of the project of the Company for manufact

Click Here to Read the rest of this document