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2012 (12) TMI 711 - CALCUTTA HIGH COURTWinding-up petition creditor's stayed - condition for receiving the payment from the company appeared not to have been complied with by the petitioning creditor - Held that:- The company would be obliged to pay the sum of Rs.1.45 lakh to the petitioner if the petitioner had complied with its obligation to discharge the electricity dues to the company entitling the petitioner to receive such payment. The petitioner has adequately demonstrated, on the basis of the documents appended to its latest affidavit, that the electricity dues have been cleared and the adamant and unjustified stand still taken by the company would demonstrate its inability to pay its debt and would eminently qualify the company to be wound up. There is no defence that the company can show to resist payment of the sum of Rs.1.45 lakh that was due in terms of the relevant clause of the memorandum of understanding, particularly in the light of the electricity company's letter demanding payment of a particular sum in full and final satisfaction of its claim and the company's acceptance of the veracity of the relevant money receipt. As to the company's reference to failure of the petitioner to discharge its obligations on account of the provident fund dues of the employees, the relevant clause does not empower the company to withhold any payment on account of the petitioner's failure to cooperate with the company in such regard. The company is left free to establish the petitioner's default and take appropriate action before the proper forum. Thus the company has not made payment of the said sum without just cause and, accordingly petition is admitted for the principal sum of Rs. 1,44,033/- together with interest thereon at the rate of 10% per annum from September 24, 2010 (the money receipt issued by the electricity company is dated September 23, 2010) till payment. If the company pays the entire amount, inclusive of interest and costs assessed at 2000 GM, within a fortnight from date, the petition will remain permanently stayed.
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