I.P. Mukerji, J. - (1.) THIS is an application for the winding up of Tantia Constructions Ltd. (hereinafter "the company"). It is made by a Malaysian company by the name of Road Builder (M) Sdn Bhd, (hereinafter "the petitioning creditor").
(2.) THESE two companies entered into a joint venture agreement on 14th July, 2003 for setting up a project in the State of Mizoram. After sometime, the company pulled out of it. They entered into a different relationship. The petitioning creditor agreed, on 15th December, 2007, to sell to the company plant, machinery and vehicles at a total consideration of Rs. 2,75,73,614.41/ -. There were 47 items of plant and equipment and 18 vehicles, all described in the schedule II to this agreement. The consideration had to be paid in 15 instalments in this manner. At the time of signing of the agreement the company had to pay Rs. 5,00,000/ -which was to be treated as the first instalment. Further amounts had to be paid in monthly instalments of Rs. 20,00,000/ - for thirteen months commencing from 15th April, 2008. The next and last instalment was to be of Rs. 10,73,614.41/ -. Each instalment was to be payable before the 15th of the month failing which the company was entitled to pay interest @ 12% per annum. Now, it not in dispute that only three instalments were paid by the company. The first instalment of Rs. 5,00,000/ - was paid on 24th December, 2007. The second and the third instalments were paid on 15th April, 2008 and 29th May, 2008 respectively. Thereafter only a sum of Rs. 3,00,000/ - was paid on 12th September, 2008. Altogether Rs. 48,00,000/ - were paid.
(3.) ACCORDING to the petitioning creditor the principal due is Rs. 2,27,73,614.41/ -. In addition to that, they have an interest claim of Rs. 64,28,359/ - up to 31st March, 2011. The total sum claimed is Rs. 2,92,01,973.41/ - as on 31st March, 2011.;