SANJIB BANERJEE, J. - (1.) The company admits its principal debt to the petitioning creditor and seeks to pay off the principal amount in instalments. The company seeks payment of the entire amount in 20 instalments. The petitioner is not agreeable to accepting the payment in 20 instalments. The petitioner also insists on interest for the company having retained the money for a substantial period of time.
(2.) Accordingly, Company Petition No.396 of 2011 is admitted in the principal sum of Rs. 22,95,000/- together with interest thereon at the rate of seven per cent per annum on the principal sum till date and on reducing balance basis on the principal sum upon instalments being paid as directed hereunder. The company will pay the entire amount to the petitioner in 12 equal or nearly equal monthly instalments beginning February 15, 2012 and payable by the 15th day of the 11 succeeding months.
(3.) If payment as directed above, inclusive of interest, is made by the company to the petitioner, 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.;