These petitions have been filed by the petitioner for the winding up of the respondent M/s. Shri. Sahajanand Investment Pvt. Ltd. (M/s. Sahajanand, for short) who was the principal borrower and the respondent M/s. C. Pinto Trade Commerce Pvt. Ltd. (M/s. Pinto Trade Commerce, for short) who was a guarantor, under the agreement between the parties dated 17-2-2000.

2. The said petitions were filed under Section 433(e) of the Act (Companies Act, 1956) on the ground that the said respondents were indebted to the petitioner in the sum of Rs.82,36,027/- pursuant to the said agreement and also under Section 433(f) on the ground that it is just and equitable that the respondent Companies are wound up as they are running into losses.

3. There is no dispute that the petitioner, both the respondents and one Jose Christovam Pinto, Proprietor of Pinto Real Estate had entered into an agreement dated 172-2000. In terms of the said agreement, the petitioner had advanced to M/s. Sahajanand a sum of Rs.50,00,000/- on terms and conditions stated therein. The said sum of Rs.50,00,000/ - was advanced to the petitioner by way of cheque dated 17-2-2000 on the condition that respondent M/s. Sahaja