9911796707
TMI Blog1988 (11) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... 1981, admitted the winding up petition. Aggrieved by the order dated May 15, 1981, the respondent-company preferred an appeal before a Division Bench of this court and the Division Bench dismissed the appeal vide order dated March 22, 1982. The respondent-company, thereupon, filed a petition for special leave to appeal before the Hon'ble Supreme Court, which was also dismissed in limine. Before the Supreme Court, on April 30, 1983, learned counsel for the respondent-company had made a statement that the petitioner would be willing to deposit with the petitioner-bank half of the amount, which is approximately Rs. 11 lakhs within six weeks. Thereupon the Hon'ble Supreme Court ordered that the special leave petition will be listed after the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1986. Thereupon, the case was listed for hearing on different dates, but, for one reason or the other, the hearing could not be completed. On July 29, 1987, learned counsel for the petitioner-bank submitted that the respondent-company had given certain proposals for settling the matter and, as such, the case was adjourned, but no settlement could be arrived at between the parties and the case was again listed for hearing. On September 2, 1988, arguments were heard on the application. Shri Vaidyalingam, appearing on behalf of the petitioner-bank, concluded his arguments. Shri C. K. Garg, appearing on behalf of the creditors, raised an objection that the respondent-company had deposited a sum of Rs. 11,80,000 in compliance with the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the consent terms, the company acknowledged its debt to the extent of Rs. 74,053 together with interest at the rate of 12% per annum from September 14, 1978, till payment. The consent terms provided for the payment of the amount by instalments. It was further provided that in the event of the company failing to pay any instalment on the respective due date or the last instalment, the petition would stand admitted and be advertised as mentioned therein. The company paid the instalments but committed default in the payment of one instalment which fell due on December 15, 1979. In view of the said default, the petitioner, acting on the consent terms, got the petition advertised in "Bombay Samachar", "Indian Express" and the Maharashtra Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk at any time for such a course to be taken by the respondent-company. In case any amount is paid during the pendency of the winding up petition, the petitioner-bank had a right to collect the same. He has further submitted that the case of Bombay Castwell Engineering P. Ltd. [1984] 55 Comp Cas 75 (Bom.) has its own merits where there was a consent order passed by the court wherein the parties agreed to make payment and, further-more, there was a direction of the court as to the refund of the amount and still further, the respondent-company in that case, in spite of failure to make the payment of instalments on the due dates, had agreed to pay the balance of the amount and even the respondent produced four cheques for the remaining amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the parties. I am of the opinion that neither the ruling referred to by Shri Garg supports nor the ruling relied upon by Shri Vaidyalingam in any way resolves the dispute which is raised in this company petition. In my opinion, the contention of Shri Garg has no merit. In both the cases referred to above, there was a consent order between the parties; but, this is not the case here. The creditor is entitled to receive any amount which is paid towards the dues. However, such a payment is undoubtedly subject to the provisions of section 531 of the Companies Act. From the mere fact that the respondent-company had deposited a sum of Rs. 11 lakhs in view of the order of the Hon'ble Supreme Court voluntarily, it cannot be construed that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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