: 1 : IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.26 OF 2009 IN COMPANY PETITION NO.319 OF 1992 Space Age Industrial Projects Ltd. ....Applicant V/s. Syndicate Bank & Ors. ....Respondents Ms.Alpana Ghone i/b Kanga & Co. for the Applicant. Ms.Nina Kapadia i/b M/s.Pandya Gandhi & Co. for the Respondents. Mr.C.J. Joy for the Regional Director. CORAM : S.J. VAZIFDAR, J. DATED : 6TH FEBRUARY, 2009. P.C. : 1. The Applicant seeks an extension of time to comply with the scheme. 2. This Court had sanctioned the scheme of arrangement and compromise with its secured and unsecured creditors. The secured creditors have been paid in full under the scheme in the sum of about Rs.7.00 crores. 3. The dues of the unsecured creditors under the scheme was Rs.15,45,000/- of which an amount to the extent of Rs.6,12,000/- have been paid. There is balance of about Rs.9,73,000/- payable to the : 2 : unsecured creditors. Thus for these unpaid dues, the extension is sought. 4. The acknowledgement from Respondent No.7 has not been received. However, Respondent No.7 has been paid its dues in full without raising any objection. 5. Ms.Ghone, the learned counsel appearing on behalf of the Applicant states that there is a decree in favour of Vishakhapattam Port Trust in the sum of Rs.2.00 crores. The extension does not prejudice the decreeholder as in any event the amounts payable to the creditors are less than the amounts due to them. The extension can only be to the benefit of the decreeholder. The extension has been sought upto 31.3.2010. The company has funds. The longer period is required only for the purpose of tracing the creditors and making payment to them. The company has stated that if any of these creditors approach the company earlier, their dues will be paid forthwith. The statement is accepted. 6. In the circumstances, the Company Application is made absolute in terms of prayer (a) subject to the statement of the company recorded above and accepted by the Court.