JUDGMENT - A.P. SHAH, J.:---The appellants before us are the original petitioners in Company Petition No. 203 of 2001 and in the appeal, they impugn the order of the learned Company Judge, dismissing the petition. In order to appreciate the order and the appellants contentions with respect thereto, a few facts may be noted.

2. The appellants and the respondent company had entered into a lease agreement dated 30-9-1994 whereby the appellants had leased certain machinery to the respondent company, on the respondent agreeing to pay Rs. 1,32,30,000/- as lease rentals payable in instalment of Rs. 6,61,500/- each quarter extended over a period of five years effective from 16-11-1994 till 15-11-1999. It seems that the respondent committed default in payment of the lease rentals and according to the appellants a sum of Rs. 2,70,14,476/- consisting of arrears of lease rentals and service charges is due from the respondent. To the petition, the appellant annexed correspondence between the parties including the reply dated 16-12-2000 to the statutory notice dated 17-10-2000 wherein the respondent company admitted its liability but shown its inability to pay the amount due to various factors.

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