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2009 (7) TMI 1334

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....y to deposit an amount of ₹ 3,50,00,000/- (Rupees Three Crores Fifty lakhs only) by a particular date, and failure of the appellant to deposit that amount was to result in admission of the petition. The respondent has filed a Company Petition under Section 433 and 434 of the Companies Act seeking winding up of the appellant-company on the allegations that it is unable to pay its dues. The relevant facts are that an agreement was entered into between the parties dated 3.4.2008. Pursuant to that agreement certain premises were to be given on leave and licence by the respondent to the appellant. The period of licence was to commence from 1.5.2008. The licence was for a period of 60 months. But the period of first 36 months was treated as....

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....efore the date 30.4.2011, the company was liable to pay to the respondent a sum equal to the amount of licence fee for balance period left of the Lock-in-period. The learned Single Judge has held that the sum mentioned in the  clause 7 quoted above is payable by the Company to the respondent and he assumed that this is the amount of liquidated damages and he, in favour of the appellant, reduced the amount to ₹ 3,50,00,000/- and issued the directions accordingly. 4. We have heard the learned Counsel appearing for both the sides. In our opinion, reading clauses 5, 6 and 7 of the agreement which have been quoted above, it cannot be said that the only meaning that can be attached to clause 7 is that even if the agreement is terminated b....