HC extends stay on Dunlop winding-up order till 18 Feb
9 Feb 2013 8:19 AM IST
The Calcutta High Court on Friday extended the interim relief on the winding up order on Dunlop India till 18 February after the management promised to submit Rs 10 crore as directed by the court. The Dunlop management was initially directed to deposit the Rs 10 crore on Saturday, but after the Dunlop counsel stated that the next day being Saturday and a holiday for court, it was asked to complete the process by 11 February.
With the order the official liquidator will not take immediate possession of the company's assets and books of records. The Dunlop management's petition to consider the stay on the winding up order petition will be heard by the court on 18 February.
The Bench of Justice Girish Gupta and Justice Tarun Kumar Das had not relaxed the amount of Rs 10 crore remarking that the amount was nominal to show interest to stop the winding up when the company had syphoned off assets of over Rs 2,000 crore, though Dunlop pleaded it would pay it in instalments.
Dunlop had appealed before the division bench soon after the winding up order was passed by Justice Sanjib Banerjee on 31 January.
With the order the official liquidator will not take immediate possession of the company's assets and books of records. The Dunlop management's petition to consider the stay on the winding up order petition will be heard by the court on 18 February.
The Bench of Justice Girish Gupta and Justice Tarun Kumar Das had not relaxed the amount of Rs 10 crore remarking that the amount was nominal to show interest to stop the winding up when the company had syphoned off assets of over Rs 2,000 crore, though Dunlop pleaded it would pay it in instalments.
Dunlop had appealed before the division bench soon after the winding up order was passed by Justice Sanjib Banerjee on 31 January.
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