Manmohan, J.

1. Present petition has been filed u/s 433(e) read with Sections 434 and 439 of the Companies Act, 1956 (for short 'Act') stating that the respondent-company is unable to pay its debt allegedly amounting to Rs. 50,00,000/- as well as interest.

2. The facts as stated in the petition are that in the year 1994, petitioner was approached by the respondent-company's management for lending money to it at an attractive rate of interest. According to the petitioner, as he was looking for an opportunity to invest in India, he agreed to give an interest bearing loan of Rs. 50,00,000/- to the respondent-company. The petitioner issued a cheque/draft of Rs. 50,00,000/- dated 05th December, 1994 from his account in Allied Irish Bank payable at Bombay in favour of the respondent-company. The said cheque was handed over to the respondent-company's management on 08th December, 1994 and a receipt for the said cheque was issued by the Accounts officer of the respondent-company. The receipt dated 08December, 1994 issued by the respondent-company is reproduced herein below:

RECEIPT

Received Rs. 5,000,000.00 (Rs. Fifty Lakhs Only) from Mr. Bhajan Singh Samra, S/o Mr. Bikar Singh vide