SHREE BALAJI STEELS Vs. GONTERMANN PEIPERS INDIA LTD

JUDGEMENT

(1.) When some argument was advanced by learned counsel for the parties on the question of grant of interim relief, learned counsel for the parties suggested to us that instead of disposing of the application for grant of interim relief, the appeal itself could be taken up for hearing by treating the appeal on the date the application for grant of interim relief was taken up for hearing. Accordingly the appeal was taken up for hearing along with the application for grant of interim relief.

(2.) This is an appeal from an order passed by a learned company judge of this court on February 6, 2002 in C. P. No. 41 of 2002 whereby and whereunder the petition for winding up filed at the instance of the petitioning creditor/appellant was admitted for a sum of Rs. 47,74,242. It appears from the impugned order also that the learned company judge gave liberty to the petitioning creditor/appellant to institute such proceedings as it may be advised to realise its alleged dues against the company, if any, either by way of interest or otherwise. Liberty was also given to the respondent-company to pay a sum of Rs. 5,00,000 on or before February 28, 2002. It was further directed that the balance sum shall be paid by the company in monthly instalments of Rs. 5,00,000 and the first of such instalment shall commence on and from March 15, 2002, and thereafter on the 15th of each month till the entire dues were paid. In default of any of the payments, as directed, the petitioning creditor/appellant shall be at liberty to publish advertisements once in The Statesman and once in Bartaman and however publication in the Official Gazette was dispensed with.

(3.) Feeling aggrieved by the impugned order of the learned company judge refusing to grant interest at the rate of 21 per cent. per annum after expiry of 60 days from the submission of the bill in question, this appeal has been preferred by the petitioning creditor/appellant.