( 1 ) THIS order will govern the disposal of OMP 51/97 and AA 127/97.

( 2 ) AA 127/97 under Section 11 (3) of Arbitration and Conciliation Act, 1996 (for short the Act ) was filed, interalia, alleging that petitioner is a incorporated under the Companies Act, 1956. A. Raja Financial Advisor had been authorised by the petitioner company to sign and verify the petition under a power of attorney dated 18/10/1995. Petitioner company acquires machines/equipments and leases them out to aspiring lessees. The respondent was/is carrying business in steels and approached the petitioner in New Delhi for leasing steel rollers. In pursuance of lease agreement executed between the parties on 22/03/1993 the petitioner gave steel rollers on lease to the respondent. Duration of lease was 3 years. Under the lease agreement the lease money was agreed to be Rs. 1,75,000. 00 for first 11 months and Rs. 2,75,000. 00 for balance 25 months. The respondent paid Rs. 25 lakhs by way of advance and this amount was agreed to be adjusted @ Rs. 1 lakh per month towards lease money. It is further alleged that respondent issued post dated cheques for payment of said lease money. So far the respondent h