BENGAL WATERPROOF LTD Vs. STATE

JUDGEMENT

(1.) The Court : There are 29 petitions filed by creditors for winding up Bengal Waterproof Limited which are pending and have appeared in the list.

(2.) One of the pending petitions, CP No. 566 of 2011, has been advertised. As a consequence, all other creditors of the company have been permitted to join in and the matter has assumed a representative character. The individual creditors, whether they have filed petitions or supporting affidavits, are all entitled to their debts being adjudicated and a composite order for payment being passed such that no creditor is preferentially paid ahead of any other.

(3.) Several orders have been passed on the petitions, or more specifically on CP No. 566 of 2011, which has to be regarded as the lead petition. The last order was made on July 29, 2015 and it provided for the principal amount owed to the several creditors to be paid off by the company before any adjudication of interest was taken up. The company has handed over a chart today which will be retained with the papers pertaining to CP No. 566 of 2011.