JUDGMENT - R.M. LODHA, J.:---Heard Mr. Vahanvati, learned Senior Counsel for petitioners and Mr. J.B. Chinai, learned Senior Counsel appearing for the company, viz. Shaheel Bearings Pvt. Ltd.

2.By means of this winding up petition, the petitioners seek to winding up of the company viz. Shaheel Bearings Pvt. Ltd. on the ground that there is due owing and payable by the company to the petitioners a sum of Rs. 22,49.041.10 Ps. inclusive of interest as set out in particulars of claim with further interest at the rate of 22.5% per annum on Rs. 20 lakhs from the date of filing of the petition till payment. The said claim is based on the fact that at the request of the company, the petitioners agreed to place in or about October, 1996 with the company a deposit of Rs. 20 lakhs which the company required for the purpose of its business and in consideration thereof, the company executed in favour of and handed over to the petitioners a post dated cheque for Rs. 20 lakhs bearing No. 853471 dated 16th January, 1997. The petitioners have stated that company agreed to pay interest on the said amount at the rate of 22.5% per annum. The said amount was due for repayment on 16th January, 1997. The

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