Sanjeev Sachdeva, J.

1. The present petition has been filed by the Petitioner seeking winding up of the Respondent for the alleged failure to pay a sum of Rs.17,26,41,591/–.

2. As per the Petitioner, the Respondent entered into a Joint Development Agreement (JDA) with the Petitioner for development of a Shopping Mall cum Multiplex. On the same day, in order to implement the JDA, a Collaboration Agreement was entered into between the parties for joint development of the project.

3. The contention of the Petitioner is that as per the agreement between the parties the Petitioner had to contribute Rs.20,61,71,015/– towards the cost of the project. The balance cost was to be contributed by the Respondent. As per the JDA the Petitioner was entitled to a specified area in the project.

4. The contention of the Petitioner is that clause 2 of the agreement stipulates that the Respondent would procure a minimum specified rental for the area falling to the Petitioners' allocation. The area has been divided into 2 categories “Regular Area” and “Additional Area”.

5. As per the Petitioner, the Respondent had undertaken to lease out both the Regular as well as the Additional area on the gro