Rakesh Tiwari, J. - (1.) Heard the learned counsel for the parties and perused the records.
(2.) The petitioner a registered company under the Companies Act, 1956. It purchased M/s Vimla Soft Drinks (P) Limited from the U.P. Financial Corporation in auction sale for a sale consideration of Rs. 11,50,000/-. The company paid a sum of Rs. 5,75,000/- to the U.P.F.C. on 27-6-1996 and it was agreed that the balance amount of Rs. 5,75,000/- would be paid in two six monthly instalments i.e. first instalment of Rs. 2,87,500/- be paid in September, 1996 and the remaining instalment be paid in March, 1997.
(3.) it is alleged that the petitioner paid Rs.2,95,000/- on 1-10-1996 and made enquiry about remaining balance. It was informed by the U.P.F.C. that Rs. 2,02,200/- towards principal and Rs, 56,777.92 P. towards interest remained due. The total amount of Rs. 2.58,977.92 P. was paid by petitioner company by cheque dated 31-3-1997 in round figure of Rs. 2,59,000/- In the account of U.P.F.C. the credit balance of Rs. 22.08 P. was shown in favour of petitioner company towards interest. This fact is also apparent from Annexure-2 to writ petition. The petitioner contends that after this final payment, no amount remained due,;