Theory:

     The fight began. It went on through the night. The moon, which had been watching the fight, began to grow pale and suddenly hid behind the clouds. The stars also began to disappear one by one. A faint light appeared in the east and the morning call for prayer came from a distant mosque.
 
     The first rays of the sun saw Chandni lying on the ground. She was completely soaked in blood. The wolf, tired and sleepy, was getting ready to devour her.
 
     An assembly of birds perched on top of a tree nearby was debating the result of the fight. “Who is the winner?” one of them asked. “The wolf, of course,” most of them said. A wise old bird declaimed with confidence, “Chandni is the winner.”
Explanation:
 
Then the fight began between Chandni and the wolf, and it went on throughout the night. The moon turned pale, and the stars disappeared one by one. A faint light appeared in the east. Then the sound of the morning prayer came from a distant mosque. The first rays of the sun saw Chandni lying dead on the grass, completely soaked in blood. The wolf looked tired and sleepy and was ready to devour its killed prey.
 
A group of birds that had watched the fight between wolf and Chandni had a debate among themselves about the fight's result. One of them asked who the winner was, and most of them answered the wolf. But, one of the wiser birds declaimed with confidence that "Chandni was the winner." Because the wise bird knew, Chandni fought for her freedom bravely till her last breath, despite being not as mighty as the ferocious wolf.
 
Despite the fact that Chandni knew it had a slight chance of defeating the powerful wolf, it decided to fight nonetheless, because it loved its freedom more than its life and fought to defend it. If Chandni had returned to Abbu's house, it could have been spared, but it did not. Chandni was adamant about fighting, despite the fact that she was no match for the enormous wolf. Chandni was the genuine winner since she held her choice to battle the wolf and died in the hills rather than being imprisoned at Abbu's house to the end.
 
Meaning of difficult words:
 
S.No
Words
Meaning
1.
Devour To eat in a hurry because you are angry
2.
Perched Sitting or resting on something
3.
DebateAn argument or a discussion
4.
DeclaimTo say something loudly with force, especially in public
Reference:
 National Council of Educational Research and Training (2007). Chandni – Zakir Husain (pp. 43- 51). Published at the Publication Division by the Secretary, National Council of Educational Research and Training, Sri Aurobindo Marg, New Delhi.