Taking up company's plea to stay the winding up order, a division bench comprising justices Girish Gupta and Tarun Kumar Das directed the official liquidator not to take any further step till Wednesday and directed the Dunlop counsel to take instruction from the management if the company would be able to deposit Rs 10 crore.
The court said that only after that it would consider a prayer for stay of the winding up petition.
Earlier, the Dunlop counsel, while moving the petition before the bench, submitted that the Ruia Group was ready to deposit Rs one crore to prove the company's earnestness for revival of the country's oldest tyre manufacturing company.
But the bench told the Dunlop counsel that if Rs 10 crore was deposited, then only it would hear the petition.
Justice Sanjib Banerjee had on January 31 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.
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E V Mathai and Sons and A K Kundu and Company, followed by 15 other creditors, had moved a winding up petition before the High Court seeking liquidation of the company in 2008 for non-payment of dues amounting to around Rs 1,000 crore.
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 conpany.