Calcutta High Court
Brand Value Communications Limited vs Saregama India Limited on 12 May, 2015
Author: Biswanath Somadder
Bench: Biswanath Somadder
ORDER SHEET
CP No.276 of 2015
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
IN THE MATTE OF :
BRAND VALUE COMMUNICATIONS LIMITED
AND
SAREGAMA INDIA LIMITED
BEFORE:
The Hon'ble JUSTICE BISWANATH SOMADDER
Date : 12th May, 2015.
Mr.Nirmalya Dasgupta, Mr. S. Nigam, Advocates for the petitioning creditor.
The Court : Let the affidavit of service filed in Court today be taken on record. In spite of service of notice, the company remains unrepresented even at the time of second call.
From the averments made in the instant winding up petition and from the statutory notice dated 26th February, 2015, it appears that a sum of Rs.12,66,929/- is due and payable to the petitioning creditor by the company. The statutory notice was duly served upon the company, but was not replied until 23rd April, 2015, i.e. after filing of the instant application and after this Court directed service of the winding up petition on 21st April, 2015. Perusing the reply dated 23rd April, 2015, it appears that the company has acknowledged its debt to the extent of Rs.2,66,929/-. However, so far as the balance amount is 2 concerned, the company has stated in its reply the reasons as to why such amount is not due and payable to the petitioning creditor.
In a summary proceeding of this nature, this Court ought not to go into such disputes in the manner a trial Court does. However, having regard to the reply of the company dated 23rd April, 2015, where the company has practically acknowledged its debt - to the extent of Rs.2,66,929/- - the instant winding up petition, being C.P.276 of 2015, is admitted for a principal sum of Rs.2,66,929/- together with interest thereon at the rate of 6% per annum, to be calculated from the date of the statutory notice till actual payment.
If the company pays off the entire amount, including interest, within a period of four weeks from date, the instant petition will remain permanently stayed. In default, the winding up petition will automatically stand revived and will be advertised once in "The Statesman" and once in "Bartaman". In the advertisements to be published in the said two newspapers, it shall be indicated therein that the matter will appear before this Court under the same heading, three weeks from the date of the advertisement. Publication in the Official Gazette, however, will stand dispensed with.
So far as the balance amount is concerned, the petitioning creditor is at liberty to approach an appropriate forum seeking appropriate reliefs in accordance with law.
C.P.276 of 2015 is accordingly disposed of.
3Urgent photostat certified copy of this order be supplied to the parties, if applied for, upon compliance of all requisite formalities.
(BISWANATH SOMADDER, J.) pa