Disposed

M/S. G.M. Traders, a Proprietory Concern of Mr. Aslam Quereshi v. M/S. Neon Steel and Alloys Ltd. Cin No. U27100MH2009PLC193425

Bombay HC25 Jun 2014CA/57/2013

Case brief

AI extract

What is this about?

By consent order, the petitioner accepted Rs. 63,06,700 as full settlement. The respondent undertook payment by July 14, 2014, with provisions for admitting the company petition via newspaper advertisement and appointing the Official Liquidator in case of default.

What did the court decide?

Respondent to pay Rs. 63,06,700 by 14.07.2014; in default, Company Petition admitted via advertisement and Official Liquidator appointed.

M/S. G.M. Traders, a Proprietory Concern of Mr. Aslam… — Company and Corporate | Bombay HC (2014)

Nitin

908-CP-66-2013

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO. 57 OF 2013

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COMPANY PETITION NO. 66 OF 2013

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Mr. G.M. Traders	…	Petitioner
Versus
M/s. Neon Steel & Alloys Limited	…	Respondent

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Ms. Hemali Kurne i/b. Vyas & Bhalwal for Petitioner

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Ms. Pooja Joshi i/b. Law Chamber of Siddharth Murarka for Respondent Mr. Nareshbhai Sheth, Director of Respondent, present.

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CORAM: S.J. KATHAWALLA, J. DATE: 25TH JUNE, 2014

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P.C.:

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Heard the Learned Advocates appearing for the Parties and the following order is passed by consent :

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i. The Advocate for the Petitioner on instructions from Mr. Aslam Qureshi of the Petitioner has informed the Court that the Petitioner shall accept an amount of Rs. 63,06,700/- from the Respondent in full and final settlement of the Petitioner's claim against the Respondent.

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ii. The Respondent Company undertakes through its Director Mr. Nareshbhai Sheth to pay an amount of Rs. 63,06,700/- to the Petitioner on or before 14^th July, 2014.

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Nitin 2 908-CP-66-2013

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iii. In the event of the Respondent Company failing to pay the amount of Rs. 63,06,700/- on or before 14^th July, 2014, the Company Petition shall without 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.

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iv. In the event of default in making the agreed payment by the Respondent Company to the Petitioner, the Official Liquidator shall forthwith stand appointed as Provisional Liquidator of the Company. He shall immediately take charge of the books, records as well as the movable and immovable properties of the Company.

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v. In the event of default and consequent Admission of the Company Petition, Notice under Rule 28 of the Companies (Court) Rules, 1959 shall also stand waived on behalf of the Company. vi. The Company Application and Company Petition are accordingly disposed off.

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( S.J.KATHAWALLA, J. )

M/S. G.M. Traders, a Proprietory Concern of Mr. Aslam Quereshi v. M/S. Neon Steel and Alloys Ltd. Cin No. U27100MH2009PLC193425

Case brief

What is this about?

What did the court decide?

M/S. G.M. Traders, a Proprietory Concern of Mr. Aslam Quereshi v. M/S. Neon Steel and Alloys Ltd. Cin No. U27100MH2009PLC193425

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

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