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2011 (8) TMI 965 - HC - Companies LawWinding up – claim of creditors adjusted against deposits made by creditors – Held that:- even when the defendant does not seem to have any defence, the Court may out of sympathy allow it an opportunity to prove his defence by securing the claim of the plaintiff. I would grant such an opportunity to the Company but upon their securing the sum of Rs. 50,08,921 by furnishing a bank guarantee of a nationalised bank for the said amount in favour of the petitioning creditor within four weeks from date. The Company will renew such bank guarantee from time to time at least one week before its expiry subject to orders to be passed by the Civil Court. The petitioning creditor will not invoke the bank guarantee without the leave of the Civil Court. Such leave will be granted by the Civil Court if the Company is unable to prove its right
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