9911796707
TMI Blog2008 (7) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... o the condition that the appellant shall, during this period, pay a sum of US $ 15000 by the 30-7-2008, another sum of US $ 15000 by the end of August, 2008 and the balance amount of US $ 7284 with interest at the rate of 12 per cent p.a. on the sum of US $ 37284 calculated at the rate of 12 per cent with effect from 6-9-2006 till the date of actual payment by the 30-9-2008. We make it clear that the extension hereby granted would cease to be effective and the order passed by the Company Court shall become operative with immediate effect no sooner there is a default in the making of the payment as per the above schedule. The grant of extension of time till 30-9-2008, as indicated above, is also subject to the appellant through its princi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vable assets, bank accounts and other securities, except for the purpose of, and to the extent it is necessary to meet the liability which the appellant company owes to the respondent and to meet the expenses in the usual course of business. The court has however directed that the order passed by it would stand vacated in case the appellant company pays to the respondent-creditor the outstanding debts quantified at US $ 125700 as on 6-9-2006 with interest at the rate of 12 per cent p.a. from 6-9-2006 after adjustment of the amount already paid within two weeks from the date of the said order. The injunction by which the appellant company has been restrained from dealing with any of its movable and immovable assets, bank accounts and other s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught by the appellant. 3. On behalf of the respondent, it was on the other hand argued that the appellant company does not deserve any further indulgence from this court having regard to the fact that the company has in the past, despite the indulgence shown to it, failed to pay the amount lawfully recoverable from it. It was also pointed out that the appellant company had itself furnished an undertaking in the form of an affidavit and given a schedule for payment of the outstanding amount but failed to abide by the said schedule and assurance. Despite the said failure, the Company Court had on two subsequent occasions, given further time to the appellant to make the payment of the outstanding amount which the company failed to do there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was that instead of two weeks, this court could grant time till 30-9-2008, within which time the appellant company would liquidate the entire amount outstanding as on date with interest as indicated earlier. It was in support of that submission pointed out by learned counsel for the appellant that there are nearly 300 workers presently in employment with the appellant company who are likely to be adversely affected in case the winding up proceedings would be allowed go any further. 5. In the circumstances, therefore, and keeping in view the fact that the appellant is ready and willing to pay the balance amount and also furnishing an undertaking to this court to abide by the schedule now proposed, we dispose of this appeal with the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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