9911796707
TMI Blog2000 (2) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... nish security in the sum of Rs. 70 lakhs before the withdrawal of said amount is hereby set aside and the order of the Company Judge dated 9-12-1998 is restored. If the amount is lying in a fixed deposit for any particular term, it will be open to the appellant to move the Prothonotary for breaking up the fixed deposit and for withdrawal of the said amount in favour of the appellant. X X X X Extracts X X X X X X X X Extracts X X X X ..... s) with the Prothonotary and Senior Master of this Court within 10 weeks from today. (2) Upon deposit of the said amount by the company within time, the Company Petition shall stand dismissed. The petitioner is permitted to withdraw the said amount. (3) It would be open to the petitioner to either file a separate suit for recovery of the balance amount as per its claim or to file a counter claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Rs. 70 lakhs i.e., 1,62,000 in US $. 4. But, when the said respondent-company filed a Company Appeal before the Division Bench of the Bombay High Court, the Division Bench initially passed an order on 11-2-1999 granting four more week's time to the respondent-company to deposit Rs. 70 lakhs as directed in Para (1) of the order of the learned Company Judge. It is also stated that upon deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal has been preferred before us. 7. We have heard the learned senior counsel for the appellant and the learned counsel for the respondent. We are of the view that the condition imposed upon the appellant that security should be furnished for withdrawal of Rs. 70 lakhs was not warranted particularly because of the fact that the amount represents the admitted amount as stated by the respondent's c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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