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2010 (8) TMI 169 - HIGH COURT OF BOMBAYWinding up petition on the ground that it is unable to pay its debts - Held that:- In the event of the Respondent paying the Petitioner an amount of ₹ 58,24,000 on or before 10-2-2011 and a further sum of ₹ 2,24,00,000 in 18 equal monthly instalments payable on or before the 10th day of each month commencing from 10-2-2011 together with interest on the reducing balance at 13 per cent per annum the company petition shall stand dismissed. In the event of the company making default in payment of any three instalments or the last two instalments the company petition shall stand admitted without further orders and in that event to be advertised in free press journal, Maharashtra Times and Maharashtra Government Gazette. The Petitioner to deposit an amount of ₹ 10,000 with the Prothonotary and Senior Master of this Court within four weeks from the date of default.
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