Calcutta High Court
Nitesh Agarwal vs O.L on 22 August, 2016
Author: Soumen Sen
Bench: Soumen Sen
ORDER SHEET
CA 265/2016
CP 252/2002
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
ORIGINAL SIDE
MIG WELDCONS PVT. LTD. (IN LIQN)
AND
NITESH AGARWAL
VS
O.L., H.C., CALCUTTA
BEFORE:
The Hon'ble JUSTICE SOUMEN SEN
Date : 22nd August, 2016.
Appearance :
Mr.Nirmalya Sengupta, Mr.Arik Banerjee, Advs.
Mr.Ronojit Chowdhury, Adv.
Mr.Sanjay Bhattacharya, Mr.Mizanur Rahaman, Advs.
Ms.Roopa Mitra, Adv.
The Court : The applicant is a contributory. The applicant, during the pendency of this proceeding, has paid off the dues of the Oriental Bank of Commerce, one of the secured creditors. As on date, there are two claimants. The petitioning creditor is having a claim of over Rs.11.34 lakhs and WBFC as on date is having a claim of about Rs.19 lakhs. Although it is not in dispute that the winding-up petition was admitted for a sum of Rs.11.33 lakhs approximately on 15th September, 2003 along with interest @10% per annum to be paid in twenty instalments but having regard to the fact that the contributory is willing to revive the company and to show its bona fide has paid off one of the secured creditors, this Court is inclined to give opportunity to the contributory to revive the company by making payment of Rs.11.34 lakhs along with interest @8% per annum from 1st October, 2003 till August 2016 within a period of two months from date. Similarly, the claim of WBFC is crystalised at Rs.19 lakhs to be paid within a period of two months. The applicant shall forward post dated cheques for the amounts indicated above to the respective Advocates-on-Record of the parties with a covering letter of the bank concerned that the said cheques would be honoured on presentation. The Official Liquidator shall in the meantime settle the claim of the security guards and the security expenses shall be borne by the applicant. In default, the Official Liquidator shall take immediate steps for sale of the assets in question.
Upon compliance of this order, the Official Liquidator shall stand discharged and hand over the books and assets to the applicant and the winding-up order shall remain permanently stayed.
CA 265 of 2016 stands disposed of. There shall be no order as to costs.
Urgent photostat certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(SOUMEN SEN, J.) sd/