Bhaskar Bhattacharya, J. - (1.) THIS appeal is at the instance of the company in a proceeding for winding up and is directed against the order dated 27 -3 -2003, passed by a learned Single Judge thereby admitting a winding up petition to the tune of Rs. 3,20,000, with further direction upon the company to give a bank guarantee to the tune of Rs. 2,50,000 for the purpose of protecting the interest of the applicant for winding up in respect of the balance amount of Rs. 2,75,978 for which the applicant was directed to seek its remedy before the civil court.
(2.) THE respondent herein filed an application for winding up on the allegation that the dues of the respondent were to the extent of Rs. 5,96,000. The company admitted the claim of the creditor to the tune of Rs. 3,20,000 and the learned trial Judge after considering the materials on record came to the conclusion that it should be proper for him to direct the respondent to seek its remedy by filing a suit for recovery of that amount as the said amount is disputed. Ultimately, the learned trial Judge directed the company to pay the admitted amount of Rs. 3,20,000 by six equal monthly instalments. However, the learned Judge further directed the company to give a bank -guarantee to the extent of Rs. 2,50,000 for protecting the claim of the creditor for the balance amount for which the respondent was asked to seek remedy before the civil court with a further direction that if the creditor did not file the suit within four weeks from that date for the balance amount, the company would be at liberty to withdraw the bank guarantee furnished pursuant to that order.
(3.) BEING dissatisfied, the company has come up with the present appeal.;