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TMI Blog2004 (11) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... be an order in terms of prayer ( a ). The appeal might be made ready. Affidavits are not invited to the stay petition. The allegations therein cannot be taken to be admitted. Stay is refused and the Company Court can proceed with the winding up process. On the above lines of reasoning, as and when the appeal might require to be decided and heard out, the parties will have liberty to mention it. Legible copies of the Paper Book might be kept ready for immediate filing, if that is possible and practicable." 2. From the order of the Division Bench, it appears that the Court of Appeal permitted this Court to proceed with the winding up process. 3. Pertinent to mention that advertisements had already been published prior to the date whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded that the dispute raised by the company on merits is now a subject-matter pending for adjudication before the Court of Appeal. Hence, the order of admission has not reached its finality. According to Mr. Banerjee, since no other creditor has joined the petitioner, the order of winding up if passed today would create an anomalous situation in case the appeal succeeds ultimately. According to Mr. Banerjee there are two courses left open to me either to adjourn the hearing or to go into the merits of the matter once again so to say to review my earlier order of admission. The second option although not specifically submitted by Mr. Banerjee, the same has been inferred by me from the sum total of the submission. The third decision cited by M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion is a final decision on merits. The same view was taken by the Division Bench in the subsequent decision in the case of Dhariwal Steels (P.) Ltd. [T. No. 318 of 2004]. Hence, I cannot go beyond the order of admission which is final and binding upon me unless it is set aside by the Court of Appeal. 10. Hence, at the final stage I am only to consider the other factors pertaining to the company. On the own showing of the company, the company has no tangible asset. It is earning a profit of a sum of Rs. 1 lakh per year whereas the claim of the petitioning credit is Rs. 22.26 lakhs apart from the interest claimed thereon. Even if the company is directed to pay the said sum by instalment on their own showing they are not in a position t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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