2014 (9) TMI 1139 - HC - Companies Law

Winding up petition - Held that - This Court unhesitatingly holds that the company is liable to pay the balance sum of ₹ 6,53,097.77p, as claimed by the petitioning creditor in the statutory notice. Since the company has failed to make payment in terms of this statutory notice, it is liable to be wound up. The petition is, therefore, admitted for a sum of ₹ 6,53,097.77p along with interest at the rate of 7% per annum, to be calculated from the date of statutory notice till date of actual payment. If the company pays the principal amount together with interest within a period of 12(twelve) weeks from the date of communication of this order, either by way of single instalment or by means of spread over payment within the aforementioned timeframe, this winding up petition shall remain permanently stayed.

Summary

The Calcutta High Court held that the company is liable to pay a balance sum of Rs. 6,53,097.77p to the petitioning creditor. If the company fails to pay within 12 weeks, it will be wound up. The petition will be advertised in "The Statesman" and "Bartaman" if default occurs.