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TMI Blog2018 (3) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia Act, 1934. It is the case of the petitioner that in the year 2013, the company approached it and obtained financial accommodation of Rs. 60 lakhs for a period of 121 days, commencing from July 17, 2013 at the agreed rate of interest at the rate of 12%, per annum. By a letter dated July 17,2013 the company acknowledged the receipt of the loan from the petitioner. In order to repay the said sum of Rs. 60 lakhs, together with the agreed rate of interest, the company issued post-dated cheques to the petitioner. Since the company was unable to repay the said amount of Rs. 60 lakhs, together with the agreed rate of interest to the petitioner, the parties agreed to renew the said deposit of Rs. 60 lakhs by the petitioner to the company for a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for transfer of the flats continued to remain blocked for the petitioner. According to the petitioner, the allegations made in the said letter dated December 22, 2015 issued by the company is nothing but afterthoughts and the same have been looked up in as an desperate attempt to avoid the consequence of non-payment of the aforementioned admitted dues of the petitioner. In the affidavit-in-opposition, the company admitted the receipt of payment of Rs. 60 lakhs from the petitioner as well as the authenticity of its letters dated July 17, 2013 and September 7, 2014 as well as the dishonour of the post-dated cheques of Rs. 60 lakhs and Rs. 10,54,110/-, respectively issued by them in favour of the petitioner. The company, however, alleged that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present winding up application against the company. However, Mr. Sarawgi, learned Advocate appearing for the company was unable to make any submission on behalf of the company. Having considered the materials on record, I find that there is no dispute that the company obtained the financial accommodation/loan of Rs. 60 lakhs from the petitioner and as recorded in the letters dated July 17, 2013 and September 7, 2014 the respondent company was liable to repay the said amount to the petitioner together with the agreed rate of interest. In order to discharge its obligation, the company had issued two post dated cheques of Rs. 60 lakhs and Rs. 10,54,110/-, respectively both dated September 1, 2015 to the petitioner and when the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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