(1) An application to the court for the winding up of a company shall be by petition, presented subject to the provisions of this section either by the company, or by any creditor or creditors (including any contingent or prospective creditor or creditors), contributory or contributories, or by all or any of those parties, together or separately: Provided that
(a) A contributory shall not be entitled to present a petition for winding up a company unless -
(i) either the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below seven; or
(ii) the shares in respect of which he is a contributory, or some of them, either were originally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen months before the commencement of the winding up, or have devolved on him through the death of a former holder; and
(b) A petition for winding up a company on the ground of defaul