BABOO LALL JAIN, J. ( 1 ) THIS is an application made by Shalimar Paints Ltd. pursuant to the Judge's summons taken out on 7th July 1994. The said Shalimar Paint inter alia wanted it to be recorded that the order dated 30th January, 1992 has stood discharged and/or satisfied upon payment and/or adjustment as mentioned in paragraph 21 of the affidavit in support of the said petition. It also prayed for return of extra sum of money alleged to be paid by it to M/s. Metal Box India Ltd. , being the petitioning creditor. It also prayed for injunction restraining the petitioning creditor from taking any steps in terms of the order dated 30th January, 1992 until the disposal of the application. ( 2 ) ON 30th January, 1992 the Hon'ble Division Bench of this Court inter alia held that they are of the view that Metal Box India Ltd. , the appellant was entitled to a sum of Rs. 24,00,000/- from Shalimar Paints Ltd. , 4 which the appellant Metal Box had agreed to accept in full and final satisfaction of its claim in the winding up petition. The winding up petition was therefore admitted by the Hon'ble Appeal Court. The Hon'ble Appeal Court by the said order directed payment of Rs. 1,00,000/- to be made by 5th February, 1992 and thereafter in monthly instalments from the month of March, 1992 of Rs. 75,000/- per month to be paid by the end of each month until entire dues are fully paid along with interest at the rate of 9% on the reducing principal sum of Rs. 16,00,000/ -. It was also directed that in default of payment of any two instalments the winding up petition shall be proceeded with and the appellant will be at liberty to mention before the Company Judge for appropriate directions in that behalf. ( 3 ) THEREAFTER by an order dated 11th February, 1992 the Hon'ble Appeal Court extended the time for payment. It was inter alia ordered that the time to make the first payment of Rs. 1,00,000/- on 5-2-92 was extended till 25th February, 1992. In default of payment of a sum of Rs. 1,00,000/- or in default of payment of any two instalments of Rs. 75,000/- or the last instalment, the default clause mentioned in the aforesaid order will be operative. 1,00,000/- on 5-2-92 was extended till 25th February, 1992. In default of payment of a sum of Rs. 1,00,000/- or in default of payment of any two instalments of Rs. 75,000/- or the last instalment, the default clause mentioned in the aforesaid order will be operative. By the said order, the Appeal Court continued the interim order of injunction against the company i. e. Shalimar Paints Ltd. Shalimar Paints thereafter went to the Hon'ble Supreme Court by way of' Special Leave Petition. The Supreme Court by its order dated 10th March, 1992 relegated the appellant to the High Court with the observation that it may be open to the petitioners to move an appropriate application before the High Court for such relief or modification as may be considered necessary. It was inter alia submitted on behalf of the appellant Shalimar Paints before the Hon'ble Supreme Court that the order of injunction will prevent the company even from running its business in the normal course. ( 4 ) THEREAFTER the Division Bench of the High Court at Calcutta by its order dated June 24, 1992 inter alia modified the said order dated February 11, 1992 to the extent as follows :-"the order of injunction made on 11-2-92 is clarified by saying that the said order will not prevent the respondent company, its servant, agents and assigns from encumbering the assets of the company or adding to the liabilities of the respondent company except in the usual course of business. "it appears from the said order that such a modification was made by order dated 29th April, 1992 and reference of the said order dated 29th April, 1992 is given in the said order dated June 24, 1992. ( 5 ) PURSUANT to the orders as aforesaid, the petitioner Shalimar Paints Ltd. , made payments as follows :-@ dateamount22-2-92rs. 1,00,000. 00 27-3-92 Rs. 75,000. 00 30-4-92 Rs. 1,00,000. 0028-5-92 Rs. 75,000. 0024-6-92 Rs. 75,000. 0029-7-92 Rs. 75,000. 0028-8-92 Rs. 75,000. 0029-9-92 Rs. 75,000. 0031-10-92 Rs. 75,000. 003-12-92 Rs. 75,000. 004-1-93 Rs. 75,000. 0011-2-93 Rs. 75,000. 0019-3-93 Rs. 75,000. 0013-4-93 Rs. 75,000. 0017-5-93 Rs. 75,000. 003-6-93 Rs. 75,000. 003-7-93 Rs. 75,000. 0020-8-93 Rs. 75,000. 007-9-93 Rs. 75,000. 004-10-93 Rs. 75,000. 0011-12-93rs. 75,000. 00 5 13-1-94 Rs. 1,50,000. 00 7-2-94 Rs. 75,000. 00 15-3-94 Rs. 75,000. 00total Rs, 19,25,000. 0028-8-92 Rs. 75,000. 0029-9-92 Rs. 75,000. 0031-10-92 Rs. 75,000. 003-12-92 Rs. 75,000. 004-1-93 Rs. 75,000. 0011-2-93 Rs. 75,000. 0019-3-93 Rs. 75,000. 0013-4-93 Rs. 75,000. 0017-5-93 Rs. 75,000. 003-6-93 Rs. 75,000. 003-7-93 Rs. 75,000. 0020-8-93 Rs. 75,000. 007-9-93 Rs. 75,000. 004-10-93 Rs. 75,000. 0011-12-93rs. 75,000. 00 5 13-1-94 Rs. 1,50,000. 00 7-2-94 Rs. 75,000. 00 15-3-94 Rs. 75,000. 00total Rs, 19,25,000. 00 @ ( 6 ) THE learned counsel appearing for the petitioner i. e. Shalimar Paints Ltd. , submitted before me that so far as the instant application and prayers as made therein are concerned they had first moved the Hon'ble Appeal Court and they were directed by the Appeal Court to move the Trial Court for appropriate orders in that matter. From the annexures to the affidavit of Raj Kishore Khandelwal affirmed on 6th day of July, 1994, it appears that since after the aforesaid proceedings had taken place and the aforesaid orders had been made Metal Box India Ltd. placed four several orders in writing upon Shalimar Paints Ltd. being orders dated lst April, 1993, 5th November, 1993, 18th December, 1993 and 5th January, 1994 for supply of goods. All such orders are on the standard forms of purchase orders of Metal Box India Ltd. and are signed by one Mr. R. G. K. Nair who has referred himself to be an Assistant Manager of the Deonar Branch of Metal Box India Ltd. , Bombay. The said orders are for more than 15 lacs of rupees worth of goods and provide payment term as "60 days credit". It appears that Shalimar Paints Ltd. supplied goods pursuant to such orders from time to time and there are several challans which are signed by and on behalf of Metal Box of India Ltd. Xerox copies whereof are annexed to the said affidavit in support of the said summons. ( 7 ) IT also appears that Metal Box India Ltd. had made a part payment of Rs. 1,50,000/- to Shalimar Paints Ltd. in respect of the said supplies. ( 8 ) THE particulars of the transaction that took place for sale of goods from Shalimar to Metal Box and the amounts that became payable by Metal Box to Shalimar according to the petitioner, Shalimar are as follows :@"schedule of Particulars of Bills. Credit Note and Part Payment. Bill No. Date Amount 540400124-11-93 Rs. 40,844. 20 (Balance)540412027-11-93rs. 71,508. 0054043197-12-93rs. 44,956. 0054043207-12-93rs. 58,996. Credit Note and Part Payment. Bill No. Date Amount 540400124-11-93 Rs. 40,844. 20 (Balance)540412027-11-93rs. 71,508. 0054043197-12-93rs. 44,956. 0054043207-12-93rs. 58,996. 00540464523-12-93rs. 54,136. 00540479931-12-93rs. 34,898. 00. 540486031-12-93rs. 12,444. 00540486131-12-93rs. 68,586. 00540486231-12-93rs, 19,238. 00540505214-1-94rs. 51,742. 00540527124-1-94rs. 40,762. 4054055634-2-94rs. 56,212. 80540582021-2-94rs. 60,396. 00540582521-2-94rs. 26,020. 40540357021-2-94rs. 19,238. 00540598628-2-94rs. 45,131. 00540655228-3-94rs. 18,406. 00540655728-3-94rs. 27,966. 00540660029-3-94 Rs. 46,017. 80 Total Rs. 7,97,498. 60less Part-Payment Rs. 1,50,000. 00rs. 6,47,898. 60 Less amount of Credit Note Rs. 30,960. 00balance Due Rs. 6,16,538. 60 @ ( 9 ) THE position is that out of the sum of Rs. 24,00,000/- as was directed to be paid by the earlier orders of the Appeal Court, a sum of Rs. 19,25,000/- has been paid. So far as the subsequent transaction between November, l993 to March, 1994 are concerned there is no denial on affidavit by Mr. R. G. Nayar nor is there any allegation that he was not an authorised person, to place the orders or to receive the goods on credit and/or to agree to pay within 60 days of the receipt of goods. ( 10 ) IN view of the subsequent transactions it appears that according to the petitioner they have supplied goods worth Rupees 6,16,538. 60p. in addition to the cash payments in instalments as hereinbefore mentioned which came to a total of Rupees 19,25,000/ -. If the total of the instalments paid and the value of the goods supplied on credit is added together, the same will amount to more than the amount payable by Shalimar to Metal Box under the earlier orders of the Appeal Court. ( 11 ) M/s. Metal Box India Ltd. is in spite of the aforesaid facts inclined to say that the sum of Rs. 4,75,000/- plus interest still remains unpaid and it has to be strictly paid in accordance with the orders passed by the Appeal Court. There is no doubt that the orders of the Court for payment in instalments is binding as between the parties. ( 12 ) HOWEVER the court can always take notice of subsequent events that have taken place since after the order. The subsequent events go to show that more than Rs. 4,75,000/ - plus interest has been caused to be paid by means of supplying goods to Metal Box India Ltd. at the request and/or purchase orders placed by Metal Box. The subsequent events go to show that more than Rs. 4,75,000/ - plus interest has been caused to be paid by means of supplying goods to Metal Box India Ltd. at the request and/or purchase orders placed by Metal Box. Metal Box India Ltd. however is not inclined to give credit for the money and to adjust the same as against the instalments which were payable under the orders of court and submits that it wants to proceed further in the Winding Up and to press for sending the company into liquidation unless it pays the balance instalments 6 of Rs. 4,75,000/- plus interest as per orders of court. ( 13 ) WINDING up is after all a discretionary remedy and court can always take notice of subsequent events that have taken place. If Metal Box India Ltd. would have filed the suit for realisation of their dues the respondents, Shalimar Paints Ltd. could always plead either set off or could counter-claim and claim 7 adjustment of their dues as against the dues of Metal Box. I am making it clear that my observations made above are on prima facie basis. In the facts and circumstances of this case, I am of the view that the further proceedings in winding up should be and are hereby stayed until further orders of this Court. I, however, relegate the petitioning creditor to suit in respect of its balance dues, if any, under the orders if it so desires. Such suit must be filed by Metal Box India Ltd, within a period of three months from today. My attention was also drawn to the fact that Metal Box India Ltd. had gone to BIFR long before in or about 1988, as such no suit can be filed as against the Metal Box India Ltd. Whether such provisions apply with regard to supplies made subsequently after the BIFR proceedings start which in this case started in 1988 is also a question to be considered. However, I am not inclined to go into the said question in this proceeding since the Shalimar Paints Ltd. is merely claiming a right of adjustment of its dues as against the amount payable to Metal Box India Ltd. under the orders passed by the Appeal Court. However, I am not inclined to go into the said question in this proceeding since the Shalimar Paints Ltd. is merely claiming a right of adjustment of its dues as against the amount payable to Metal Box India Ltd. under the orders passed by the Appeal Court. If at all Shalimar Paints Ltd. also want to file a suit within the period of limitation, they will be at liberty to do so in accordance with the law and I am not going into the question whether such suit will be maintainable or not in view of the BIFR proceedings. It is entirely up to Shalimar Paints Ltd. to decide its course of action as may be advised. ( 14 ) THERE will be no order as to costs. The application is, thus, disposed of ( 15 ) STAY of operation of the order is prayed for and is declined. ( 16 ) ALL parties are to act on a signed copy of this Dictated Order on the usual undertaking. Order accordingly