1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. COMPANY PETITION NO.692 OF 1999 Guljag Industries Ltd. ...Petitioner. Vs. Modern Petro-chem Industries Pvt.Ltd. ...Respondent. .... Mr.Devendra Sharma for the Petitioner. None for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD, J. November 4, 2009. P.C. The claim, which forms the basis of the Petition for winding up under Sections 433 and 434 of the Companies’ Act, 1956, arises on account of goods sold, supplied and delivered. The Petitioner supplied these goods to the Company of a value of Rs.6,73,912/- under an invoice dated 3rd February 1997. The Company made part payments from time to time. Two cheques each of Rs.50,000/- were issued on 9th November 1998 and 11th December 1998 which were returned dishonoured on presentation. A notice was issued on 23rd December 1998 by the Petitioner under Section 138 of the Negotiable 2 Instruments Act, 1881. A statutory notice was issued on 4th February 1999 under Section 433 and 434 of the Companies Act, 1956. There was no reply thereto. The Petitioner has instituted a criminal case under Section 138 of the Negotiable Instruments Act, 1881. Upon inspection of the records, it has been found that no balancesheet has been filed by the Company since incorporation. The balance outstanding and the claim of the Petitioner is Rs.2,50,503/- upon which the interest is claimed. No reply has been filed to the Company Petition which was admitted by an order dated 14th December 1999. The Company Petition has been advertised. Pursuant to the order of this Court dated 18th October 2003, a fresh notice has been issued and served under Rule 28. The record would show that the Company is unable to pay its debts. The Petition is made absolute in terms of prayer clauses (a) and (b). .....