70 lakhs as directed in para 1 of the order of the learned Company Judge.
The learned Company Judge passed an order in the following terms The Company is directed to deposit a sum of Rs.
70,00,000/ this amount has been arrived at by companyverting US dollars 1,62,000/ at the present exchange rate in rupees with the Prothonotary and Senior Master of this Court within 10 weeks from today.
In other words, the Division Bench maintained the direction with regard to the security in its final order.
Upon deposit of the said amount by the Company within time, the Company Petition shall stand dismissed.
If the amount is number deposited by the Respondent Company within the time aforesaid, the Company Petition shall stand admitted with liberty to the petitioner to apply for advertisement of the Company Petition and for further directions.
70,00.000/ i.e 1,62,000/ in US .
The amount of Rs.
The appeal came up for final disposal on 26.4.99 to the Division Bench of the High Court.
918 of 1997 before the Company Court of the High Court of Bombay against the Respondent Company, for default in paying the amounts due to the Appellant Company.
It will be numbericed that the above order was passed by the learned Company Judge on the basis of the admission of the Respondent Company that it may be permitted to deposit the said amount of Rs.
It is also stated that upon deposit of the said amount by the Company, the Company Petition would stand dismissed.
70 lakhs being the amount with regard to which there was numberdispute, this appeal has been preferred before us.
The present order will number preclude the Respondent Company in taking opt appropriate proceedings in the pending suit against the petitioner.
Aggrieved by the direction of the Division Bench directing the Appellant to furnish security for withdrawal of Rs.
After hearing companynsel for the Appellant and the Respondent, the learned Company Judge in his order dated 9.12.98 observed that even on the basis of the companytention of the Respondent Company, a sum of 1,62,000/ in US would at least be due to the Appellant Company.
The Division Bench directed that in case the deposit is made, the same companyld be withdrawn by the Appellant on furnishing security.
70,00,000/ as ordered in Clause 1 of this order.
The petitioner is permitted to withdraw the said amount.
But it also stated that the Appellant companyld be permitted to withdraw the aforesaid amount only on furnishing security to the satisfaction of the Prothonotary and Senior Master of the Court.
Jagannadha Rao, J. Leave granted.
It would be open to the petitioner to either file a separate suit for recovery of the balance amount as per its claim or to file a companynter claim in the suit already filed by the Company against the petitioner.
6,50,000/ already deposited by the Company may be adjusted against the deposit of Rs.
But when the said Respondent Company filed a Company Appeal before the Division Bench of the Bombay High Court, the Division Bench initially passed an order on 11.2.99 granting four more weeks time to the respondent Company to deposit Rs.
The Appellant companypany filed a Winding Up Petition being Company Petition No.
