(1.) The question for determination is whether further proceedings should be stayed in view of the orders passed by BIFR on 24/09/1991, for framing the scheme for rehabilitation of the respondent-company ?
(2.) The petitioner-company has filed an application under sections 433(e), 434(1)(a) and 439(1)(c) of the Companies Act, 1956 ("the Act"), for winding up the respondent-company on the ground extent of Rs. 5,45,677 as per the statement of accounts of the petitioner-company with the respondent for the periods of 1992-93, 1993-94 and 1994-95. The last payment which was made by the respondent-company of Rs. 60,000 was in the month of November, 1994, leaving a balance as on 11/12/1995, to the extent of the aforesaid amount of Rs. 5,45,677 and by adding interest on that amount up to 15/01/1997, the total indebtedness comes to Rs. 7,78,431.
(3.) Heard learned counsel for both sides.