(Dr. D.Y. Chandrachud, J.)

These Appeals arise from orders of the learned Company Judge initially admitting a Company Petition for winding up on 12 March 2012 and allowing the Petition by an order dated 21 June 2012.

2. The Respondent advanced a loan in the amount of Rs.50 lakhs to the Appellant by a cheque dated 5 August 2008. A loan agreement was entered into between the company and the Respondent. A promissory note dated 5 August 2008 was executed by the Appellant agreeing to re-pay the loan of Rs.50 lakhs together with interest. The company, as security for the re-payment of the loan, pledged the title deeds of certain immovable property belonging to it and situate at Pondicherry with the Respondent. A post-dated cheque in the amount of Rs.50 lakhs was issued in favour of the Respondent. Six post-dated cheques each in the amount of Rs.1,33,005/- towards interest payable on the loan were honoured on presentation. Interest on the loan was paid until October 2009. On 14 August 2009 the company addressed a letter to the Respondent seeking an extension of time to repay the loan until 25 December 2009. A post-dated cheque dated 25 December 2009 in the amount of Rs.50 lakhs wa