JUDGMENT :

M.S. Shah, J.

This petition is filed by LKP Merchant Financing Limited (hereinafter referred to as "the petitioner) under Sections 433 and 434 of the Companies Act, 1956, praying for winding up of Arvin Liquid Gases Ltd. hereinafter to as "the company"), a company having its registered office at 3rd Floor, Gayatri Chambers, R. C. Dutt Road, Baroda-390 005.

2. The facts leading to the filing of the present petition, as averred by the petitioner, are that the company required 1,000 gas cylinders for its use and business but the company was unable to purchase the same out of its own finance and, therefore, it had approached the petitioner for arranging lease of the cylinders. Thereafter, there were negotiations between the parties and ultimately an agreement was executed on July 6, 1992. As per the said agreement the petitioner had arranged and granted a lease of 1,000 gas cylinders to the company. The period of lease was five years and the company had agreed to pay rent at the rate of Rs. 3,15,900 every quarter of the year beginning from July 6, 1992. The agreement also provided that in case there was delay in making the payment then the company was to pay interest at 50 per