- (1.) Leave granted.
(2.) The appellant company filed a Winding Up Petition being Company Petition No. 918 of 1997 before the Company Court of the High Court of Bombay against the respondent Company, for default in paying the amounts due to the appellant company. After hearing counsel for the appellant and the respondent, the learned Company Judge in his order dated 9-12-1998 observed that even on the basis of the contention of the respondent Company, a sum of 1,62,000/- in US$ would at least be due to the appellant Company. The learned Company Judge passed an order in the following terms: "(1) The Company is directed to deposit a sum of Rs. 70,00,000/- (this amount has been arrived at by converting US dollars 1,62,000/- at the present exchange rate in rupees) with the Prothonotary and Senior Master of this Court within 10 weeks from today. (2) Upon deposit of the said amount by the company within time, the company Petition shall stand dismissed. The petitioner is permitted to withdraw the said amount. (3) It would be open to the petitioner to either file a separate suit for recovery of the balance amount as per its claim or to file a counter-claim in the suit already filed by the company against the petitioner. (4) The amount of Rs. 6,50,000/- already deposited by the company may be adjusted against the deposit of Rs. 70,00,000/- as ordered in Clause 1 of this order. (5) The present order will not preclude the respondent company in taking out appropriate proceedings in the pending suit against the petitioner. (6) If the amount is not deposited by the respondent Company within the time aforesaid, the Company Petition shall stand admitted with liberty to the petitioner to apply for advertisement of the company petition and for further directions."
(3.) It will be noticed that the above order was passed by the learned Company Judge on the basis of the admission of the respondent company that it may be permitted to deposit the said amount of Rs. 70,00,000/- i.e. 1,62,000/- in US$.;