PLD INTERNATIONAL PVT LTD Vs. REEBOK INDIA COMPANY

JUDGEMENT

(1.) BY this petition under Section 433 of the Companies Act 1956 ('Act'), the Petitioner, PLD International Pvt. Ltd., seeks the winding up of the Respondent M/s. Reebok India Company.

(2.) THE case of the Petitioner is that in terms of an agreement dated 26th April, 2010 entered into between the parties, a copy of which agreement is enclosed with this petition as Annexure P-2, the Petitioner gave on rent to the Respondent the ground floor of the property at 422-425, Ghitorni Market, Opposite Metro Pillar No.132, MG Road, New Delhi-110 030 (hereafter 'rented premises') on a monthly rent of Rs.4,25,000.00 subject to deduction of tax at source on applicable rate and payment of service tax, with effect from 1st May, 2010. It is asserted by the Petitioner, which assertion is disputed by the Respondent, that possession of the rented premises was handed over by the Petitioner to the Respondent on 1st May, 2010. It is further stated that the Respondent defaulted in payment of the rent from 1st May 2010 and finally some cheques were received in January, 2011 which did not clear the arrears. Even thereafter the Respondent continued to be irregular in the payment of rent. It is stated that till September 2011 as against the total outstanding rent of Rs.72,25,000.00 (exclusive of service tax), the Respondent had paid only Rs.49,72,500.00 (exclusive of TDS).

(3.) ON 1st March, 2012, the Petitioner received a letter from the Respondent terminating the tenancy and stating that the vacant possession of the premises would be handed over to the Petitioner on 31st May, 2012. The Petitioner in response thereto sent a legal notice to the Respondent on 27th March, 2012 calling upon the Respondent to pay a sum of Rs.31,84,534.00. It sent separately another notice on the same date regarding unpaid electricity bills in the sum of Rs.60,580.00. With the Respondent continuing to not pay the sums and another notice was sent by the Petitioner on 2nd May 2012 which quantified the outstanding amount as on 31st May 2012 at Rs.42,90,904.00.