Duckbill Drugs Pvt. Ltd. Vs. Antarctica Ltd. - Court Judgment

Excerpt:
the court : this application has been made by the company further to liberty to apply provided in the order dated 12th april, 2010. by that order, admission and advertisement of this winding up application was stayed on some terms. this application is for variation of those terms. such variation is prayed for by the company stating that they have been unable to comply with the terms of the said order strictly. however, i am satisfied that the company is willing to discharge its obligations under the said order, if some accommodation is provided by the court. admittedly further to the said order a sum of rs.9,30,000/- has been paid by the company as of date. therefore, the balance due today according to the said order is to be worked out by the company. such balance is to be liquidated in seven equal monthly installments commencing from september, 2010. each monthly installment is to be paid by the 7th of the each month. if there is any remainder that remainder is to be added to the last installment. interest according to the said order dated 12th april, 2010, will be calculated on the reducing balance principle. this application is accordingly disposed of, modifying the order dated 12th april, 2010, to the above extent only. all parties concerned are to act on a signed photocopy of this order upon the usual undertakings.

Judgment:
The Court : This application has been made by the company further to liberty to apply provided in the order dated 12th April, 2010. By that order, admission and advertisement of this winding up application was stayed on some terms.

This application is for variation of those terms. Such variation is prayed for by the company stating that they have been unable to comply with the terms of the said order strictly. However, I am satisfied that the company is willing to discharge its obligations under the said order, if some accommodation is provided by the Court.

Admittedly further to the said order a sum of Rs.9,30,000/- has been paid by the company as of date.

Therefore, the balance due today according to the said order is to be worked out by the company. Such balance is to be liquidated in seven equal monthly installments commencing from September, 2010. Each monthly installment is to be paid by the 7th of the each month. If there is any remainder that remainder is to be added to the last installment. Interest according to the said order dated 12th April, 2010, will be calculated on the reducing balance principle. This application is accordingly disposed of, modifying the order dated 12th April, 2010, to the above extent only.

All parties concerned are to act on a signed photocopy of this order upon the usual undertakings.