- (1.) The Court : It appears that the winding-up petition was admitted by the learned Company Judge by his order dated 4th November, 1997. The learned Company Judge has also directed payment of the amount claimed by the petitioning creditor in the sum of Rs. 10,23,316.06/- within a fortnight from the date of his order and in default advertisement of the winding-up petition. The Company has preferred an appeal from the said order and obtained a conditional order of stay from the appellate court dated 3rd December, 1997. By its said order the appellate court has directed the Company to furnish bank guarantee to the extent of Rs. 6,00,000/- and this order has been complied with. It appears that the said bank guarantee is still subsisting. The stay application before the application court is pending.
(2.) My attention has been drawn by the learned counsel for the Company to the averments made in the winding-up petition which read as follows :- "?the Contractor shall be entitled to the payment of the final balance in accordance with the final Certificate to be issued in writing by the Architect at the expiration of the period referred to as Defects Liability Period?"
(3.) It is submitted by him that unless a Certificate is given by the Architects it cannot be said what amount if any is payable by the company to the petitioning creditor. I find great force in this submission.;