2005 (2) TMI 530

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....fore me after advertisement. The appearing creditors filed Affidavits supporting the petition for winding up. 2. In the meantime, the company also proposed a Scheme under section 391(1) of the Companies Act, 1956 and ultimately filed an application being C.P. No. 277 of 2004 for final sanction of the Scheme of Arrangement between the parties. 3. I heard this matter from time to time. I gave ....

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....ction upon the company to secure the balance amount. In case of Tea Spares International the company has now admitted the claim for a sum of Rs. 5.5 lakhs leaving a balance sum of Rs. 2,87,123. 4. Mr. Surajit Nath Mitra, learned counsel appearing for the company submits that the balance claim of all the creditors should be allowed to be paid in 4 years. Mr. Mitra further submits that the compan....

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....rnational 8,37,123 5,50,000 5,50,000 Vinay Industries 2,94,407.50 2,06,016 2,94,407.50 6. The company is permitted to pay the balance dues of all the creditors except M/s. Tea Spares International save and except to the extent of Rs. 2,87,123 by three monthly instalments in a year payable on 31st January, 30th June and 30th September of every year. Payment of such instalmen....

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....e interest amount would, however, be paid by 30th June, 2009. 10. There would be an order of winding up in terms of prayer (a) in C.P. No. 55 of 2003. This order would, however, remain stayed so long the instalments are paid and in case of default of payment of any one instalment the Official Liquidator will take forthwith possession of the assets of the company. 11. The company is however, ....