Partly allowed

M/S Pisces Exim ( India ) Private Limited v. M/S Sjj Marine Pvt., Ltd., Rep. by Mr. Anil Shamrao Jadhav

Bombay HC29 Apr 2014COAP/13/2014

Case brief

AI extract

What is this about?

The High Court granted an ad-interim stay of a Single Judge's order admitting a winding up petition, requiring the respondent to furnish a bank guarantee of 50% of the quantified debt amount within a specified timeframe.

What did the court decide?

Stay of the impugned winding up order admitted on condition that the respondent furnishes a Bank Guarantee covering 50 percent of the quantified debt of USD 10.40 lacs.

M/S Pisces Exim ( India ) Private Limited Vs M/S… — Insolvency and Bankruptcy | Bombay HC (2014)

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IN THE HIGH COURT OF BOMBAY AT GOA

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COMPANY APPLICATION NO. 13 OF 2014

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COMPANY APPEAL NO. 1 OF 2014

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M/S PISCES EXIM ( INDIA ) PRIVATE LIMITED ... Applicant

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Versus

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M/S SJJ MARINE PVT., LTD., REP. BY MR. ANIL SHAMRAO JADHAV,

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... Respondent

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Mr. Amey Kakodkar, Advocate for the Applicant.

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Mr. Rahul Narichamia, Senior Advocate with Mr. A. Krishnamurthy and Mr. V Palekar, Advocates for the Respondents.

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Coram:F. M. REIS & Z. A. HAQ, JJ.

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Date:29th April, 2014

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P.C.

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Heard Shri Amey Kakodkar, learned Counsel appearing for the Applicant and Shri Narichamia, learned Senior Counsel appearing for the Respondents.

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Shri Kakodkar, learned Counsel appearing for the Applicant, seeks ad-interim reliefs as, according to him, the ad-interim order granted by the learned Company Court has been extended only upto this date. The impugned Order is admitting a winding up Petition on the ground that the Applicant failed to discharge the liability in terms of an Agreement and as such was unable to pay its debt to the

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Respondents.

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The learned Senior Counsel appearing for the Respondents, has pointed out that in a suit filed before this Court at Bombay, being Summary Suit no. 113/2013, an Order has been passed by the learned Single Judge dated 02.04.2014, inter alia, directing the Applicant to deposit the equivalent in rupees of USD 10.40 lacs whilst granting leave to the Applicant to defend the Summary Suit. The learned Senior Counsel has as such pointed out that prima facie the amount payable have been as such quantified.

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Considering that the amount has been quantified, we find it appropriate at this stage to grant an ad-interim stay of the operation of the impugned Order dated 26.02.2014 by the Company Court, subject to the Respondents furnishing a Bank Guarantee of 50 percent of the equivalent in rupees of said amount of USD 10.40 lacs of any Nationalised Bank to the satisfaction of the Registrar (Judicial) of this Court on or before 15.06.2014, initially valid for a period of one year and the same shall be renewed from time to time until further Orders.

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This Order is passed in the peculiar facts of the present case and without prejudice to rights and contentions of the parties in the said suit filed before this Court in Bombay.

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Application stands disposed of accordingly. Liberty to the parties to apply.

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Z. A. HAQ, J. F. M. REIS, J.

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arp/*

M/S Pisces Exim ( India ) Private Limited v. M/S Sjj Marine Pvt., Ltd., Rep. by Mr. Anil Shamrao Jadhav

Case brief

What is this about?

What did the court decide?

M/S Pisces Exim ( India ) Private Limited v. M/S Sjj Marine Pvt., Ltd., Rep. by Mr. Anil Shamrao Jadhav

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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