Disposed

Zhangjiagang Tubes China Co.Ltd. v. Farouk Sodagar Darvesh and Co.Ltd., Cin NO.702005MH2008PTC180843

Bombay HC19 Jun 2014CP/218/2013

Case brief

AI extract

What is this about?

The Bombay HC disposed of a Company Petition by consent order. Respondents agreed to pay USD 316,244.30 in 18 instalments. Default triggers petition admission without Rule 28 notice, public advertisement, and appointment of an Official Liquidator as Provisional Liquidator.

What did the court decide?

Petition disposed; Respondents to pay USD 316,244.30 in 18 instalments; default leads to petition admission without Rule 28 notice.

Zhangjiagang Tubes China Co.Ltd. Vs Farouk Sodagar… — Company and Corporate | Bombay HC (2014)

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908-CP-218-2013

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

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COMPANY PETITION NO. 218 OF 2013

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Zhanjiang Tubes China Company Limited … Petitioner Versus

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Farouk Saudagar Darvesh & Company Pvt. Ltd. … Respondents

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Mr. Darshan Mehta i/b. M/s. Dhruve Liladhar & Company for Petitioner Mr. Gautam Ankhad a/w. Ms. Saloni Kapadia, Ms. Soniya Putta i/b. Solomon & Co. for Respondents

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Mr. Sachin Misal a/w. Mr. Chintan, Representatives of Respondents are present.

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CORAM: S.J. KATHAWALLA, J. DATE: 19TH 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 Respondents undertakes to pay a sum of USD 316,244.30 to the Petitioner and the Petitioner agrees to accept the said amount in full and final settlement of their claim in the above Company Petition.

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ii. The Respondents agree and undertake to pay to the Petitioner the agreed amount of USD 316,244.30 in 18 equal instalments of USD 17,569.13 each, starting from 15^th July, 2014 and ending with 15^th December, 2015 towards full and final payment/settlement of all dues/outstandings payable to the Petitioner.

908-CP-218-2013

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iii. Upon the payment of the said sum of USD 316,244.30 in the aforestated manner, the Petitioner or any other Company of the Petitioner shall not have any further claims of any kind whatsoever against the Respondents as on the date of this order.

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iv. The amount of USD 316,244.30, which the Respondents have undertaken to pay to the Petitioner by instalments as set out in clause (ii) above shall be remitted to the Petitioner's account in China.

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v. In the event of the Respondent Company failing to pay any of the aforestated instalments, the Company Petition shall stand admitted without reference to this Court and the same shall be 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 Gazettle. 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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vi. In the event of any default 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

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908-CP-218-2013

movable and immovable properties of the Company.

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vii. 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.

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viii. The Respondents undertake to make the payments as agreed hereinabove irrespective of any corporate/restructuring scheme that may be entered into by the Respondent Company.

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ix. The Petitioner undertakes not to file and/or pursue other proceedings for any other claim forming subject matter of the Company Petition.

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x. The Company Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

Zhangjiagang Tubes China Co.Ltd. v. Farouk Sodagar Darvesh and Co.Ltd., Cin NO.702005MH2008PTC180843

Case brief

What is this about?

What did the court decide?

Zhangjiagang Tubes China Co.Ltd. v. Farouk Sodagar Darvesh and Co.Ltd., Cin NO.702005MH2008PTC180843

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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