Judgment:
The Court : There will be an order in terms of prayer (a) of the petition. This appeal is directed against an order passed on 31st August, 2010 admitting the petition whereby the Hon'ble First Court admitted the winding-up petition to the extent of Rs.1.25 Crores and the balance amount to the tune of Rs.1,92,52,851/- was relegated to a suit with a direction to the respondent company to furnish a bank guarantee and further directed that the petitioning creditor will not encase the bank guarantee without the leave of the Civil Court.
Mr. Talukdar, Sr. Advocate appearing in support of the appeal contended that his client is agreeable to pay off the dues of the company if some breathing time is granted to the appellant. Accordingly, we direct the appellant to pay an initial sum of Rs.25,00,000/- to be paid to the respondent in two installments. The first of such payment of Rs.15,00,000/- is to be made on or before 15th October, 2010 and the balance Rs.10,00,000/- is to be paid on or before 7th November, 2010.
The balance amount of Rs.1,67,52,851/- along with the interest @ 10% p.a. on the amount of Rs.1,92,52,851/- to be paid from the date of presentation of the winding-up petition till the full payment is made by the appellant company to the petitioning creditor by instalments.
The appellant company is directed to pay such monthly instalments at the rate of Rs.15,00,000/- until the full amount is paid off. The first of such installment to be paid on or before 15th December, 2010 and thereafter on or before 15th of each succeeding month. In case, payment is paid as directed hereinabove, the order so passed by the Hon'ble First Court will permanently stayed.
In default of payment of any of the initial amount or any one installment, as directed hereinabove, the petitioning creditor shall be at liberty to take steps in accordance with the order so passed by the Hon'ble First Court and the order so passed by us will automatically stand vacated.
The application is thus disposed of. Undertakings are discharged. By consent of the parties, the appeal is treated as on the days list, and is disposed of on the above terms.
All parties concerned are to act on a signed photocopy of this order on the usual undertakings.
Urgent certified photocopy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.