SANJIB BANERJEE,J. - (1.) The company has admitted a principal debt of Rs. 20 lakh and seeks to pay off such amount by offering an initial payment of Rs. 3 lakh and the rest in twelve monthly instalments. The petitioner is not agreeable to the suggestion and says that the petitioner is also entitled to interest. The petitioner has left the matter of interest and number of instalments to court.
(2.) Considering the plight of the company and since the company has admitted its dues, the company is required to pay off a total amount of Rs. 21 lakh to the petitioning creditor in the manner following:- i) A sum of Rs. 4 lakh by February 15, 2012; ii) The balance sum of Rs. 17 lakh in ten equal monthly instalments beginning March 15, 2012 and payable by the fifteenth day of the nine succeeding months.
(3.) CP No.306 of 2011 is admitted. If the company pays off the dues as indicated above, the petition will remain permanently stayed. In default of payment of any of the instalments, including the initial payment, the petition will be advertised once in "The Statesman" and once in "Bartaman". The advertisements should indicate that the matter will appear before court on the first available working court day after the expiry of four weeks from the date of the publication being made. Publication in the official gazette will stand dispensed with.;