Matters settled. Respondent undertakes to pay petitioner's claim in two instalments. Failure triggers revival of petition, advertising, and costs.
Undertaking to pay claim in two instalments; default consequences including revival of petition and costs
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14-CP313-2013.DOC
Vishal
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.313 OF 2013
Chandan Sidhwani..Petitioner
Versus
M/s.Mission Vaivcare Ltd....Respondents
...Respondents
Mr. K.C.Nichani a/w.K.D.Nichani for the Petitioner.
Mr. M. Punjabi i/b.M/s.Apex Law Partners for the Respondent.
CORAM: G.S. PATEL, J DATED: MARCH 19, 2014.
PC:-
1. This matter has been settled.
2.The respondent undertakes to the Court to pay the
petitioner’s claim in full in two equal instalments on 15th July 2014
and 16th August 2014. The amounts will be paid by NEFT/RTGS
or other mode of online transfer directly crediting the petitioner’s
bank account. Mr. K.C.Nichani, learned advocate for the petitioner
will furnish necessary details of the petitioner’s bank account to the
advocate for the respondent on or before 28th March 2014.
3.In the event that the respondent commits default in payment
of any one of these two instalments, then:
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14-CP313-2013.DOC
(a) The Company petition shall revive and stand admitted without further reference to the Court and shall be made returnable within four weeks of the date of such default;(b) Service of the petition under Rule 28 of the Companies (Court) Rules 1959 shall be deemed to have been waived.(c) The petition shall be advertised in two local newspapers viz. (i) Free Press Journal (in English) and (ii) Nav Shakti (In Marathi) as also in (iii) the Maharashtra Government Gazette.(d) Within two of the date of such default, the petitioner shalldeposit a sum of Rs.10,000/- toward publication charges with the Prothonotary and Senior Master, with intimation to the Company Registrar, failing which petition will be dismissed for non-prosecution without further reference to the Court. Upon such advertisement being issued, the balance, if any, of the amount deposited shall be refunded to the petitioner.(e) There will also be an order in terms of prayer clause (c) of the petition. The Provisional Liquidator so appointed shall forthwith take charge of the assets and properties of the firm.2 of 3
14-CP313-2013.DOC
(f) In addition, the respondent, its directors, employees and officers shall be restrained from disposing, eliminating, transferring, selling, encumbering or creating any third party rights in respect of any of the assets or properties of the Company without leave of the Court except in the ordinary or usual course of the business.(g) The petitioner shall also be entitled to cost of Rs.75,000/- to be recovered in the course of winding up process.4. Company petition is disposed of in these terms.
5. Mr. S.N.Shukla, the officer of the Company and its duly authorized representative is personally present in the Court today when this order is passed.
(G. S. PATEL, J.)
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Chandan Sidhwani
M/s. Mission Vaivcare Ltd.
G.S. PATEL
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court