9911796707
TMI Blog2005 (2) TMI 530X X X X Extracts X X X X X X X X Extracts X X X X ..... y to the company to pay off the creditors in a phased manner. Lump sum payments were made in course of hearing and such lump sum payments were distributed pro rata amongst the appearing creditors. Initially there had been dispute with regard to the amounts claimed by the respective creditors and the amounts admitted in the application for sanction of the scheme of Arrangement by the company. Now the disputes have been resolved. The company has accepted the claims of the creditors as claimed by them in the respective pleadings except M/s. Tea Spares International. In the case of T. Spares International this Court earlier admitted the winding up petition for a sum of Rs. 5.32 lakhs and granted liberty to the petitioner to file suit for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 407.50 2,06,016 2,94,407.50 6. The company is permitted to pay the balance dues of all the creditors except M/s. Tea Spares International save and except to the extent of Rs. 2,87,123 by three monthly instalments in a year payable on 31st January, 30th June and 30th September of every year. Payment of such instalment must be completed by 31st January, 2009. The company is also directed to furnish appropriate security to the satisfaction of the Registrar, High Court, Original Side to the credit of M/s. Tea Spares International to the extent of Rs. 2,87,123 by 15th May, 2005. 7. In default of furnishing of the said security within the said period the said amount would stand admitted and would be included in the clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt. Therefore, no direction is necessary at this stage and such prayer of Mr. Mitra is considered and rejected. 13. M/s. Tea Spares International is restrained by an order of injunction from filing any suit for the said disputed sum of Rs. 2,87,123 until a period of three weeks from the date of intimation of furnishing of the security. 14. In default of filing of the suit by M/s. Tea Spares International the company would be at liberty to ask for return of the security from the Registrar, High Court, Original Side so to be furnished by them. 15. In view of the above, C.P. No. 55 of 2003, C.P. No. 277 of 2004 and C.P. No. 532 of 2002 along with all connected applications thereto are disposed of by this order. - - TaxTMI - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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