ELLENBARRIE TEA CO LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) This winding up petition carne up before 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. 1 gave opportunity to the company to pay off the creditors in a phased manner. Lump sum payments were made in course of hearing and such lump sum payments were distributed pro rata amongst the appearing creditors. Initially there had been dispute with regard to the amounts claimed by the respective creditors and the amounts admitted in the application for sanction of the scheme of Arrangement by the company. Now the disputes have been resolved. The company has accepted the claims of the creditors as claimed by them in the respective pleadings except M/s. Tea Spares International. In the case of T. Spares International this Court earlier admitted the winding up petition for a sum of Rs. 5.32 lakhs and granted liberty to the petitioner to file suit for the balance amount with the corresponding direction 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.