Interim relief for stay on winding up order on Dunlop extended

This, after the management promised to submit Rs 10 crore as directed by the court

The today extended the interim relief on the winding up order on till February 18 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 tomorrow, 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 February 11.

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 February 18.

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 January 31.

Justice Banerjee had ordered winding up of Dunlop India Limited, which had set up its first factory at Sahaganj near here in 1936.  

Justice Banerjee had directed the official liquidator to take immediate possession of the company's assets and books of records.

E V Mathai and Sons and and Company, followed by 15 other creditors, had moved a winding up petition before the high court seeking liquidation of the company in 2008 over non-payment of dues.

Having led the tyre manufacturing industry for decades, the company went downhill since late 1990s. In 2005, the Ruia Group led by Pawan Kumar Ruia had taken control of the ailing company.

image
Business Standard
177 22
Business Standard

Interim relief for stay on winding up order on Dunlop extended

This, after the management promised to submit Rs 10 crore as directed by the court

Press Trust of India  |  Kolkata 



The today extended the interim relief on the winding up order on till February 18 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 tomorrow, 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 February 11.


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 February 18.

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 January 31.

Justice Banerjee had ordered winding up of Dunlop India Limited, which had set up its first factory at Sahaganj near here in 1936.  

Justice Banerjee had directed the official liquidator to take immediate possession of the company's assets and books of records.

E V Mathai and Sons and and Company, followed by 15 other creditors, had moved a winding up petition before the high court seeking liquidation of the company in 2008 over non-payment of dues.

Having led the tyre manufacturing industry for decades, the company went downhill since late 1990s. In 2005, the Ruia Group led by Pawan Kumar Ruia had taken control of the ailing company.

RECOMMENDED FOR YOU

Interim relief for stay on winding up order on Dunlop extended

This, after the management promised to submit Rs 10 crore as directed by the court

The Calcutta High Court today extended the interim relief on the winding up order on Dunlop India till February 18 after the management promised to submit Rs 10 crore as directed by the court
The today extended the interim relief on the winding up order on till February 18 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 tomorrow, 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 February 11.

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 February 18.

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 January 31.

Justice Banerjee had ordered winding up of Dunlop India Limited, which had set up its first factory at Sahaganj near here in 1936.  

Justice Banerjee had directed the official liquidator to take immediate possession of the company's assets and books of records.

E V Mathai and Sons and and Company, followed by 15 other creditors, had moved a winding up petition before the high court seeking liquidation of the company in 2008 over non-payment of dues.

Having led the tyre manufacturing industry for decades, the company went downhill since late 1990s. In 2005, the Ruia Group led by Pawan Kumar Ruia had taken control of the ailing company.
image
Business Standard
177 22
Widgets Magazine

More News

Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard