9911796707
TMI Blog2005 (2) TMI 530X X X X Extracts X X X X X X X X Extracts X X X X ..... ring creditors filed Affidavits supporting the petition for winding up. 2. In the meantime, the company also proposed a Scheme under section 391(1) of the Companies Act, 1956 and ultimately filed an application being C.P. No. 277 of 2004 for final sanction of the Scheme of Arrangement between the parties. 3. I heard this matter from time to time. I gave opportunity to the company to pay off the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce amount. In case of Tea Spares International the company has now admitted the claim for a sum of Rs. 5.5 lakhs leaving a balance sum of Rs. 2,87,123. 4. Mr. Surajit Nath Mitra, learned counsel appearing for the company submits that the balance claim of all the creditors should be allowed to be paid in 4 years. Mr. Mitra further submits that the company would secure the claim of Tea Spares Inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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, Hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . This order would, however, remain stayed so long the instalments are paid and in case of default of payment of any one instalment the Official Liquidator will take forthwith possession of the assets of the company. 11. The company is however, directed to pay actual advertisement cost to the petitioning creditor by 31st May, 2005. 12. Despite advertisements the other creditors did not join eith ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il 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 wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
