2014 (2) TMI 1443

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....a with Ms. Shruti Sardesi i/ Phoenix Legal for the Appellant. Mr. H.T. Toor with Mr. Sagar Pawar and Ms. Jai Baikar i/b S.K. Legal Associates for the Respondents. ORDER P.C.: 1. Admit. 2. With the consent of the parties, the appeal is heard finally at the admission stage. 3. This is an appeal against an order of the learned single Judge admitting a petition filed by the responden....

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....s position has now changed before us. It is for this reason that our interference is warranted. 4. Mr. Andhyarujina, the learned counsel appearing on behalf of the appellant has tendered a statement containing the manner in which the appellant intends discharging its liability to the respondent. The statement is taken on record and marked "X". The statement shall be signed by the appellant's ad....

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....repancy being realised later. 5. In our view, considering the stand taken by the appellant and considering the interests, not merely of the respondent, but of the general body of creditors and the workers, it is necessary to give the appellant an opportunity of repaying the dues in installments. No purpose would be served by winding up the company or even having the petition admitted at this st....

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.... was taken on record and marked "X" is accepted. The undertaking to furnish post dated cheques within one week from today in respect of each of the payments is accepted. The undertaking of the said Chairman & Managing Director of the appellant that the cheques will be honoured on presentation and, in any event, latest by the 5th day of the subsequent month is also accepted. (ii) In the ev....