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TMI Blog2013 (11) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... s De. JUDGMENT:- The Court: This application under Section 466 of the Companies Act is at the instance of the company praying for the stay of the winding up proceeding. At the time of moving the said application the applicant-company candidly accepted its liability of payment of Rs. 1.65 crore to Shilpa Sanei and Rs. 20 lakhs to G. S. Fertilisers Private Limited and a further sum of Rs. 50 lakhs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... point relating to the claim of interest open and to be decided subsequently. Today the company hands over the demand draft of the rest of the principal amount to the Advocate-on-Record of the Shilpa Sanei and submits that those creditors are not entitled to claim any interest on the said amount. Both the creditors, namely G. S. Fertilisers Private Limited and Shilpa Sanei, submit that the money ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors, unless there has been an express agreement to pay the interest there is no justification and/or occasion on the part of the company to plead waiver of the interest in the proceeding. The company in turn says that those affidavits were taken out to show bona fide that the company agrees to pay the principal amount and the said statement cannot be co-related with an admission of liability to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich the Company Court should adopt is to relegate the parties to a regular civil proceeding. Furthermore, the financial solvency of the company should also be taken in mind in discharging the admitted liability and raising a bona fide disputes. In the present case the company has paid off the entire principal amount, may be after the winding up petition is advertised. All the creditors who appeare ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le issue and therefore, is relegated to the civil suit. The application under Section 466 of the Companies Act is allowed, meaning thereby that the winding up petition shall remain permanently stayed. The official liquidator says that because of the fact that the winding up petition has already been advertised and the official liquidator has taken some steps, certain expenditure has been incurre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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