Judgment:
The Court :- There will be an order in terms of prayer (a) of the petition. The appeal is directed against an order dated 26th July, 2010. Instead of hearing the stay petition by consent of parties we hear out the appeal by treating the appeal as on the days list and disposed of by the following order:-
The only grievance of the appellant-petitioning creditor that the claim of the petitioning creditor has already been admitted before the Company Court to the extent of Rs.6,60,692/- and the company prayed before the Court for 24 equal monthly installments which have been granted along with interest @ 7% p.a. and that too being simple interest calculated at the yearly rest on the said amount.
The grievance of the petitioning creditor is that the installments which have been granted by the Court should be less than 2 the installments granted at the time of disposing of the winding up petition. After having heard learned Counsel for the parties and as the Company has agreed before us that they will pay the full amount in 12 equal monthly installments instead of 24 installments.
We direct the Company to pay off such amount in 12 monthly installment . The first of such installments to be paid on or before 7th September, 2010 and thereafter on the 7th day of each succeeding month until the full amounts are paid. In default of payment of any one installment, the petitioning creditor shall be at liberty to give effect to the order already passed by the Trial Court including the advertisement to be published in the Newspaper as directed by the Honble First Court. Accordingly, we modify the order dated 26th July, 2010 to that extent. Both the appeal and the application are disposed of on the above terms. Undertaking is discharged. All parties concerned are to act on a Xerox signed copy of the minutes of this order on the usual undertakings. Urgent Xerox certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.