SANJIB BANERJEE, J. - (1.) The parties through counsel representing them in Court have agreed that the company will pay off the principal amount of Rs. 3.6 lakh to the petitioner together with interest at eight per cent per annum from June 4, 2011 (the date of the statutory notice) on reducing balance basis in instalments. The parties have agreed that the payment of the first instalment will be made by February 15, 2012 and the rest will be paid in seven further monthly instalments.
(2.) Accordingly, CP No.402 of 2011 is admitted. In the event the company pays off the petitioner the agreed sum together with interest at the agreed rate in eight equal or nearly equal monthly instalments beginning February 15, 2012 and payable by the 15th day of the seven succeeding months, the petition will remain permanently stayed. In default of payment of any instalment, the petition will be advertised once in "The Statesman" and once in "Bartaman" and the advertisements will indicate that the matter will be returnable on the first available working day after the expiry of four weeks from the date of the publication being made. Publication in the Official Gazette is dispensed with.
(3.) Since the petitioner insists on receiving payments only by banker's cheque or demand drafts or like instrument and not by way of any personal cheque, the company's payment should be in the manner indicated by the petitioning creditor.;