Disposed

The Greater Bombay Co-Operative Bank Ltd. v. M/S. Manthan Builders and Developers Pvt. Ltd. (Cin U45200MH2005PTC153620)

Bombay HC9 Dec 2014CA/271/2014

Case brief

AI extract

What is this about?

The High Court of Bombay disposed of a company petition and application based on consent terms submitted by parties, establishing mechanisms for revival on default, liquidator appointment, and publication of notices.

What did the court decide?

Consent Terms taken on record; Company Petition and Application disposed thereof in terms.

The Greater Bombay Co-Operative Bank Ltd. Vs M/S. Manthan Builders and Developers Pvt. Ltd. (Cin U45200MH2005PTC153620) — Bombay HC (2014) — LawSathi Research

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cp 420 of 2014 (916).sxw

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY PETITION NO.420 OF 2014 WITH COMPANY APPLICATION NO.271 OF 2014

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The Greater Bombay Co-operative Bank Ltd. … Petitioner V/s.

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M/s. Manthan Builders and Developers Pvt. Ltd. … Respondent

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Mr. R. Shah i/by M/s. Raval Shah and Co., for Petitioner. Ms. Rita Bhatia, for Respondent.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 9^th DECEMBER, 2014.

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P.C.:

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The learned Advocates for the parties have tendered Consent Terms dated 9^th December, 2014. They submit that the Consent Terms be taken

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on record and the above Company Petition be disposed of in terms of the Consent Terms. The Consent Terms are taken on record and marked 'X' for identification. The Consent Terms are signed by the Authorized Signatory of the Petitioner and the Director of the Respondent. The Consent Terms are also signed by the Advocates for the parties.

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Apart from what is stated in the Consent Terms, the parties agree that in the event of default on the part of the Company to pay any installment set out in Clause 6 of the Consent Terms, the Petition shall revive without

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ssp

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cp 420 of 2014 (916).sxw

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reference to this Court, stand admitted made returnable within six weeks from the date of default and advertised in two local newspapers i.e. Free Press Journal (in English) and Navshakti (in Marathi) and in the Maharashtra Government Gazette. The Petitioner shall deposit an amount of Rs.10,000/with the Prothonotary and Senior Master of this Court towards publication charges, within two weeks from the date of default, with intimation to the Company Registrar failing which the Petition shall stand dismissed for non-prosecution. In the event of default the Official Liquidator shall forthwith stand appointed as provisional liquidator of the Respondent Company. The Advocate for the Petitioners shall forthwith inform the Official Liquidator that the Respondent Company has committed a default and the Official Liquidator shall immediately take charge of the records as well as the movable and immovable properties of the Company. Notice under Rule 28 of the Companies (Court) Rules, 1959 shall also stand waived on behalf of the Company.

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The Company Petition as well as Company Application are disposed of in terms of the Consent Terms, marked 'X' and what is agreed in paragraph 2 above.

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( S.J.KATHAWALLA, J. )

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ssp

The Greater Bombay Co-Operative Bank Ltd. v. M/S. Manthan Builders and Developers Pvt. Ltd. (Cin U45200MH2005PTC153620)

Case brief

What is this about?

What did the court decide?

The Greater Bombay Co-Operative Bank Ltd. v. M/S. Manthan Builders and Developers Pvt. Ltd. (Cin U45200MH2005PTC153620)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

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