RSA No.4225 of 2008 - 1 - IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH RSA No.4225 of 2008 Date of decision: August 5, 2011. M/s Duro Pack Ltd. ... Appellant(s) v. M/s P.C. Jain Enterprises ... Respondent(s) CORAM: HON'BLE MR. JUSTICE KANWALJIT SINGH AHLUWALIA Present: Shri Amit Jain, Advocate, for the appellant(s). Shri M.K. Mittal, Advocate, for the respondent. Kanwaljit Singh Ahluwalia , J. (Oral): The respondent instituted a suit for recovery of Rs.60,000/-. The suit was decreed; the appeal filed by the appellant-defendant was dismissed. Aggrieved against the same, present regular second appeal has been filed. This Court, on July 29, 2011, had passed the following order:- “Mr. Jain has very fairly stated that during pendency of the proceedings, appellant-defendant Company turned sick and the case was referred to the Board for Industrial and Financial Reconstruction (hereinafter referred as, 'BIFR'). Learned counsel has further stated that the payment of Sundry Creditors (Unsecured) is to be made as per the scheme drawn by BIFR. The relevant part of the scheme reads as under:- “15(G). Sundry Creditors (Unsecured) To waive 70% of the outstanding principal amount as on cut off date and to accept the repayment of balance 30% only after final payment to secured creditors in eight RSA No.4225 of 2008 - 2 - equal quarterly interest free installments. Outstanding amount of Rs.8.26 lacs as on 31.03.2009. The list of unsecured sundry creditors is given in Annexure-X” Counsel for the appellant has further stated that even if the appeal is dismissed and the decree is maintained, only 30% of the principal amount is to be paid. Counsel has further referred to Annexure-X, wherein credit on the name of respondent- plaintiff is noted as Rs.47,250/-. Counsel for the appellant has submitted that to satisfy the decree as per the scheme formulated by BIFR, appellant-defendant is to pay only Rs.14,175/-. Mr. Mittal has stated that he is ready and willing to accept the amount to satisfy the decree. Mr. Jain has stated that draft of the amount shall be produced in Court on the next date of hearing. List on 5th August, 2011.” Today in terms of the order dated July, 29, 2011, Shri Jain has handed over a draft of Rs.14,175/- drawn in favour of the respondent- plaintiff. The draft has been accepted by Shri M.K. Mittal, Advocate for the respondent, being aware that scheme has been drawn by the Board for Industrial and Financial Reconstruction. In view of the acceptance of the draft, decree stands satisfied and the present regular second appeal is disposed of. A photo copy of the draft has been retained on the record as Ex.A.1. [Kanwaljit Singh Ahluwalia] August 5, 2011. Judge kadyan