Calcutta High Court
Imeco Ltd vs The Emgee Enterprise on 29 November, 2013
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
ORDER SHEET
CP 341 OF 2013
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
ORIGINAL SIDE
IMECO LTD.
-AND-
THE EMGEE ENTERPRISE
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : 29th November, 2013.
Ms. M. Bhutoria, Adv., with Mr. L.R. Mondal, Adv., appears.
Ms. S. Das Roy, Adv. appears.
The Court : The parties have agreed that a consolidated amount of Rs.9 lakh, inclusive of interest and costs, would be paid off by the company to the petitioning creditor in ten equal monthly instalments in full and final satisfaction of the petitioner's claim. Accordingly, the company is permitted to pay the sum of Rs.9 lakh in ten equal monthly instalments beginning December 31, 2013 and payable by the last day of the nine succeeding months in full and final satisfaction of the claim in the present proceedings.
In default of payment of any instalment, the petition will stand admitted for the balance amount together with interest thereon at the rate of 10% per annum. In such event, the petitioner will be entitled to advertise the petition in Aajkal and The Statesman newspapers indicating that 2 the matter would be returnable before Court on the first available working day after the expiry of four weeks from the date of the publications being made. Publication in the official gazette will stand dispensed with.
If the payments, as indicated above, are made without any default, the petition will remain permanently stayed.
Certified website copies of this order, if applied for, be urgently supplied to the parties subject to compliance with all the requisite formalities.
(SANJIB BANERJEE, J.) tk