The Calcutta High Court has granted time to Shaw Wallace and Company (SWC) till June 13 to pay up the defaulted instalments to its creditors.
Counsels for Yarn Synthetic Ltd and Tolani Bulk Carriers, Anoop Bose and Ajay Gupta, took up the issue relating to the defaults in the court of Justice R K Mitra. They said that SWC had failed to pay the instalment due on May 15 according to the court's earlier order.
It was also mentioned that in the case of Tolani Bulk Carriers, SWC had paid up only Rs 45 lakh out of dues totalling Rs 1. 20 crore.
In the case of Yarn Synthetic, the liquor giant had paid only Rs 20 lakh out of a total outstanding of Rs 80 lakh.
It was also mentioned that though the court had earlier passed an order directing SWC to pay the dues in monthly instalments, the company defaulted from paying them in time.
Justice Mitra ordered Tarun Aich, counsel for SWC, to look into the matter so that the instalment payable in May be paid off by June 13.
The next hearing has been posted for June 16.
