(1.) HEARD learned counsel for both sides on admission.
(2.) IT is an admitted fact that the respondent-company had taken on lease the arc welding machines and arc welding generators on a rent of Rs. 89,60,000 for a period of five years through agreement dated September 25, 1994. The lease rent was payable in 20 quarterly instalments of Rs. 4,48,003 and the respondent-company has also issued post-dated cheques against the quarterly lease rents. The respondent-company paid 7 quarterly lease rents.
(3.) THE petitioner-company alleges that the respondent-company did not pay the lease rents amounting to Rs. 15,92,012, that is for three quarters including interest at the rate of 36 per cent, per annum. The respondent-company was liable to pay an amount of Rs. 19,03,773 and the balance of amount of lease rent amounting to Rs. 40,32,027 has also become recoverable. The petitioner-company has sent a notice under Section 434 (1) (a) of the Companies Act for payment of the said amount of Rs. 59,35,802. But the respondent-company-did not pay and, therefore, the respondent-company should be wound up.