Calcutta High Court
M/S. Bonfiglioli Transmission Pvt. Ltd vs Walter Craven Ceramic Projects Idnia ... on 7 July, 2008
Author: Patherya
Bench: Patherya
CP No. 173 of 2006
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
IN THE MATTER OF :
M/S. BONFIGLIOLI TRANSMISSION PVT. LTD.
AND
WALTER CRAVEN CERAMIC PROJECTS IDNIA LTD
For Petitioner : Mr. A. Mitra, Advocate.
BEFORE:
The Hon'ble JUSTICE PATHERYA
Date : 7th July, 2008.
The Court : By order dated 2nd July, 2007 the winding up petition was admitted for a sum of Rs.3,50,000/- to be paid in ten equal monthly instalments. Except for payment of two instalments the company has failed to pay the balance sum. The company seeks payment of the balance sum of Rs.2.80 lakhs by instalment.
Counsel for the petitioning creditor submits that it is entitled to payment of advertisement cost and a sum of Rs.80,000/- be paid as the first instalment.
Having considered the submissions of the parties the company is directed to liquidate the dues of Rs.2.80 lakhs in seven monthly instalments of Rs.40,000/- each. The first of such instalment be paid by 29th July, 2008 and the 29th day of each succeeding month. Needless to mention that the company will 2 also pay interest as directed by order dated 2nd July, 2007. Such interest be paid along with the instalment on the reducing balance. The advertisement cost, bill whereof be forwarded by the petitioning creditor to the company, be paid by the company by 18th July, 2008.
In the event payments are made as directed hereinabove, the winding up petition shall stand permanently stayed. In default of payment of any one instalment the petitioning creditor will be at liberty to seek further direction.
All parties concerned are to act on a xerox signed copy of this order on the usual undertakings.
( PATHERYA, J.) pa