Ashis Kumar Chakraborty, J. - (1.) It is the case of the applicant that at its instance, the application for winding up of the Company was admitted and by an order dated March 1, 2006 a learned Single Judge of this Court directed the company to be wound up and the Official Liquidator to take possession of the assets and properties of the company. In terms of the said order the Official Liquidator took possession of the assets of the company (in liquidation) including its two tea gardens. Subsequently, by an order dated July 21, 2010 passed in an application under Section 466 of the Companies Act, 1956, being C.P. No. 368 of 2009 with C.A. No. 526 of 2008, filed by some of the contributories of the company (in liquidation), hereinafter referred to as " the contributories", a learned Single Judge of this Court approved a scheme for rehabilitation of the company (in liquidation). By the order dated July 21, 2010 the Official Liquidator was directed to relinquish possession of the two tea gardens of the company (in liquidation). In the sanctioned scheme the applicant's claim against the company (in liquidation) for Rs. 9 lakhs was accepted and the said amount was repayable over a period of eight years, within the financial year ending 2016-17 but, the present applicant was not paid their entire dues within the said period. Thus, the applicant has filed this application for vacating/modification of the order dated July 21, 2010.
(2.) As per the learned counsel appearing for the respective parties, after passing of an order dated October 25, 2017 by a learned Single Judge of this Court in the present application, Rs. 1 lakh has been paid to the applicant in the month of November, 2017 and presently Rs. 1,80,000/- remains due and payable by the contributories to the applicant.
(3.) It is submitted by the contributories that they are ready to pay the outstanding dues of the applicant, the petitioning creditor of Rs. 1,80,000/- but they should be granted sufficient time to pay the said amount by suitable instalments.;