TaxTMI 
TaxTMI 
2006 (7) TMI 341
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....ectly which rental is due and payable every quarter and is due to commence from the date of installation of the equipments at BHEL's site payable within 30 days of the end of the particular quarter during which the equipment is installed at BHEL and MLL will be treated as 'lessor' for the purpose of the same. It is further clarified that HCL will pay interest for the delay in obtaining receipt of lease rentals from BHEL pursuant to the performance under the lease agreement at 2 per cent per month after 30 days from the respective due dates until payment thereof and further HCL will also make good to MLL the short-fall, if any, in the respective lease rental due and payable together with interest at 2 per cent per month till the date of p....
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....efault, interest at 2 per cent per month, payable in terms of clause 4, has been separately calculated. 7. On behalf of the respondent-company it is submitted that the claim for interest for several defaults in payment of instalments is barred by limitation. For example, the instalment due on 17-6-1999, was paid to the petitioner on 13-8-1999, but the present petition for winding up was filed on 17-3-2005, i.e., after a gap of more than five years from the date the cause of action arose and the petitioner became entitled to interest in terms of clause 4. However, there are other cases in which the claim of interest is within limitation. 8. Learned counsel for the petitioner has drawn my attention to letter dated 17-4-2001, written by ....
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....cifically gives the starting point and the ending point for charging of interest, whenever there was delay in paying instalments under the agreement. For each default, interest in terms of clause 4 has to be separately calculated. The petitioner has also separately calculated the interest on each default. The agreement nowhere provides for setting off of interest or for payment of interest by the petitioner in case the lease instalment is paid in advance or before the due date. This stand of the petitioner is also contrary to the averments made in the affidavit and the chart enclosed along with the affidavit dated 15-7-2005 of Mr. M. V. Chandran. 11. Reference in this regard may be made to the two judgments of this Court in the cases of ....
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....ion. 13. With regard to the case of the petitioner that there was part payment of interest by the respondent in view of letter dated 17-4-2001, the relevant portion of the letter quoted above does not help the petitioner. It has not been stated in the letter by the respondent-company that payment towards interest under clause 4 was being made. The letter merely states that some ad hoc payment was being made against some other pending claims, the details of which were awaited. There is no other letter or acknowledgement by the respondent-company which has been placed on record. Moreover, this letter relied upon by the petitioner is dated 17-4-2001 and the petition for winding up was filed on 17-3-2005, which is again beyond the period of ....