SANJIB BANERJEE,J. - (1.) Since the company has offered to secure the entire claim of the petitioner as indicated in the petitioner's notice of May 5, 2010 issued to the company, it does not appear that the company is insolvent or unable to pay its debts and the claim of the petitioning creditor will stand relegated to a suit if cash security to the extent of Rs. 14 lakh is made over by the company in favour of the Registrar, Original Side within a period of three weeks from date.
(2.) In default, the petition will stand admitted for the sum of Rs. 13,80,842/- together with interest at the rate of 8% p.a. from May 5, 2010. In such case, the petition will be advertised once in "The Statesman" and once in "Bartaman" and the advertisements should indicate that the matter will appear before Court on the first available working date after the expiry of four weeks from the date of the publication being made. The publication in the official gazette stands dispensed with.
(3.) If the deposit is made within the time permitted, the petition will remain permanently stayed and it will be open to the parties to have their claims adjudicated before the appropriate forum. In the event the petitioner does not file a suit within a period of six weeks from the date of the deposit being made by the company, it will be open to the company to seek refund of the deposit. Upon the deposit is being made, the Registrar, Original Side will invest the same by way of a fixed deposit with a nationalized bank having a branch within the vicinity of this Court. The deposit will abide by the result of the petitioner's suit and will be subject to orders that may be passed therein.;