The High Court of Bombay disposed of company applications for setting aside the order of admission in winding up proceedings. The court accepted consent terms of settlement arrived between the parties and placed the signed terms on record, marking them 'X1'.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Shephali
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY APPLICATION (L) 479 OF 2013
AND
COMPANY APPLICATION (L) NO.480 OF 2013
IN
COMPANY PETITION NO. 520 OF 2012
M/s. Chemtrade Overseas Private Limited ....Applicants/ Petitioners
Versus
M/s. Konduskar Laboratories Pvt. Ltd.....Respondents
____________
Mr. Chetan Kapadia with Mr. Atman Mehta & Mr. Hemant Telkar
i/by M/s. Haresh Mehta & Co., for the original Petitioners.
Mr. Dinesh Tiwari, for the original Respondents.
Mr. Sham Walve i/by AKS Legal Consultants, for Axis Bank.
Ms. Rupa Sutar, Assistant Official Liquidator is present.
CORAM: G. S. PATEL, J. DATED : JANUARY 16, 2014.
P.C.:
This is a company application for setting aside the order
of admission passed on 10th July, 2013. By that order, the
admission of the petition was ordered to be advertised. A
Provisional Liquidator was also appointed.
2.It appears that the petitioners and the respondents have
since arrived at a settlement which is recorded in consent terms
dated 16th January, 2014. These consent terms have been signed by
1 of 2
Shephali
the representatives of the petitioners and the respondents and their
respective Advocates.
3.In the result, there will be an order in terms of the draft
minutes of the order tendered, taken on file, marked 'X' for
identification. The undertakings contained in paragraphs 4 and 7 of
the consent terms are accepted as undertakings to this Court. The
signed Consent Terms are taken on record and marked 'X1' for
identification.
4.The learned Advocate for Axis Bank states that the Axis
Bank is a secured creditor of the respondent-company in an amount
of Rs.12 Crores. The consent terms and settlement between the
present petitioner and the respondent are strictly without prejudice
to all the rights and contentions of Axis Bank in any proceedings
that it wishes to adopt.
5. List the matter on 5th February, 2014 for directions.
6.In view of the order passed in Company Application (L)
No. 479 of 2013, Company Application (L) No. 480 of 2013 does
not survive.
7.Needless to add, this order is subject to removal of all
office objections and numbering of both applications.
This order is modified as per the order dated 24th January, 2014 for speaking to the minutes.
2 of 2
M/s. Chemtrade Overseas Private Limited
M/s. Konduskar Laboratories Pvt. Ltd
G. S. PATEL
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court