- (1.) THIS appeal is directed against an order passed by the Hon'ble First Court on 26th April, 2007 whereby the Hon'ble First Court held as follows: "the petitioners have relied on unimpeachable documents in support of their individual claims. The company has indicated that it is in no position to question them. The claims are free from doubt, yet the honourable stand taken by the company is deserving of a further contest on merits, except in the case of the petitioner in C. P. No. 197 of 2005. The petitions in the eight other cases are admitted for the principal sums claimed in the respective statutory notices together with interest at the rate of eight per cent per annum from the respective dates of the statutory notice. If the company secures each of the eight claims, inclusive of interest, by furnishing cash security to the satisfaction of the Registrar, Original side, of this Court within a period of eight weeks from date, such eight petitions will remain permanently stayed. If the company chooses not to furnish security in any case, such petition will be advertised once in "the Statesman" and once in "jansatta". Publication on the Official Gazette will stand dispensed with. The advertisements should indicate that each petition would be returnable on the next available Court day four weeks from the date of the relevant publication. In the event the company chooses to furnish security, the claims of the petitioners in such of the petitions for which security is furnished, will stand relegated to a suit and the security will remain to the credit of such suit that may be instituted by the relevant petitioner within six weeks from the date of the furnishing of the relevant security. In the event of petitioners, or some of them, do not file the suit within time stipulated, the company will be at liberty to seek refund of the security and all the interest accrued thereon, less the Registrar's commission. In C. P. No. 197 of 2005, the petition is admitted in the principal sum of rs. 2,93,104/- together with interest at the rate of eight per cent per annum from the date of the statutory notice (September 23, 2004 ). In the event the company tenders such sum, inclusive of interest, to the petitioner within eight weeks from date, C. P. No. 197 of 2005 shall remain permanently stayed. In default of such payment, that petition will be advertised once in "the statesman" and once in "jansatta". Publication in the Official Gazette will stand dispensed with. The advertisements should indicate that such petition would be returnable on the next available Court day four weeks after the date of the relevant publication. "
(2.) BY the said decision, the Hon'ble First Court, disposed of all the nine winding up petitions filed by the petitioning creditors against the company/ appellant herein. By the said common judgment and/or order on 26th April, 2007 the matter was disposed of by His Lordship.
(3.) THE facts are brief and not much in dispute.;