The High Court sanctioned the settlement between the parties as the petitioner accepted a cheque for full and final settlement with liberty to pursue fresh proceedings if the cheque bounces.
The petition was disposed of with liberty to the petitioner to move a fresh company petition if the cheque is dishonoured.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ssm
O.O.C.J.
COMPANY PETITION NO. 115 OF2000
M/s. Indabrator Ltd....Petitioners
Vs.
M/s. Shree Precoated Steels Ltd....Respondents.
Mr. M.G.Mimani for the petitioner.
Ms. S.Shreedharn for the respondents.
CORAM : ANOOP V. MOHTA,J.
DATED : 7th September, 2007.
P.C.
1. Pursuant to the settlement between the parties,
respondent company is handing over a Account Payee
cheque of Rs.2,50,000/- (Rupees two lacs fifty
thousand only) dated 20th July, 2007 (Kotak Mahindra
Bank, Andheri (East), Mumbai) bearing No.000415 in the
name of M/s. Nesco Ltd. (Earlier M/s. Indabrator
Ltd.). This is towards full and final settlement
between the parties.
2. The learned counsel appearing for the petitioner
on instructions, not pressing the present company
petition. However, with a rider that in case the
cheque is dishonoured, liberty be granted to move such
( 2 )
company petition again.
3. In view of this, I am inclined to dispose of this
present petition, with liberty.
(ANOOP V. MOHTA, J.)
1 issue framed by the court
Whether the company petition should be disposed of on receipt of an undertaking to hand over a cheque for full settlement.
M/s. Indabrator Ltd.
M/s. Shree Precoated Steels Ltd.
Anoop V. Mohta
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court