MANJU BAGAI Vs. MAGPIE RETAIL LTD

JUDGEMENT

(1.) Manju Bagai, the petitioner seeks winding up of M/s. Magpie Retail Limited, the respondent company under Section 433 (e) of the Companies Act, 1956 (hereinafter referred to as Act, for short).

(2.) It is stated that the petitioner is the owner landlady and had rented out commercial space No.UGF-1, Wedding Souk (now known as Gold Souk), Local Shopping Centre, Sharda Niketan, Pitampura, Delhi,(hereinafter referred to as the premises, for short) to the respondent company on a monthly rent of Rs.1,29,580/- excluding water, electricity charges. The respondent company started paying rent with effect from 1st November, 2006 and while the same was continuously paid till the end of February, 2007, the respondent company did not pay the agreed rent for the months of March, April and May, 2007 and handed over the possession of the premises on 31st May, 2007. Thus the respondent company is liable to pay rent from March, 2007 to May, 2007 of Rs.3,88,740/-.

(3.) The petitioner relies upon clause 5 of the "Agreement to Lease" dated 5th September, 2006 and submits that the respondent company is liable to pay liquidated damages in form of rent for a period of 29 months i.e. unexpired portion of the lease of three years starting with effect from 1st November, 2006. For the sake of convenience, the said clause is reproduced below:-