Disposed

M/S Prrmier Transport Limited v. M/S Abg Cements Limited

Bombay HC16 Dec 2014CP/357/2014

Case brief

AI extract

What is this about?

The High Court disposed of a company petition by consent order. The respondent undertook to pay a specific sum to the petitioner in monthly instalments. Defaults would revive the petition, and notice under Rule 28 of the Companies (Court) Rules, 1959 was waived.

What did the court decide?

Respondent undertook to pay Rs. 43,66,240 in instalments; undertaking accepted; petition disposed of on consent terms.

M/S Prrmier Transport Limited Vs M/S Abg Cements Limited — Company and Corporate | Bombay HC (2014)

Nitin

1085-CP-357-2014

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

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COMPANY PETITION NO. 357 OF 2014

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M/s. Premier Transport Limited … Petitioner Versus

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M/s. ABG Cements Limited … Respondent

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Mr. S.V. Vora for the Petitioner.

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Mr. Swati Sawant i/b. S.K. Legal Associates for Respondent. Mr. I.I. Khan, Company Secretary of Respondent, present.

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CORAM : S.J. KATHAWALLA, J. DATED : 16TH DECEMBER, 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 Respondent agrees and undertakes to pay an amount of Rs.43,66,240/- to the Petitioner in full and final settlement of the Petitioner's claim against the Respondent in the above Petition. The undertaking is accepted. The said amount of Rs.43,66,240/- shall be paid by the Respondent to the Petitioner as follows :

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Rs.3,68,474/-	On or before 20^thJanuary, 2015
Rs.3,77,198/-	On or before 20^thFebruary, 2015
Rs. 3,71,929/-	On or before 20^thMarch, 2015
Rs. 3,71,843/-	On or before 20^thApril, 2015
Rs. 3,68,474/-	On or before 20^thMay, 2015

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Nitin		2 1085-CP-357-2014
	Rs.3,66,488/-	On or before 20^thJune, 2015
	Rs. 3,63,292/-	On or before 20^thJuly, 2015
	Rs. 3,61,133/-	On or before 20^thAugust, 2015
	Rs. 3,58,455/-	On or before 20^thSeptember, 2015
	Rs. 3,55,519/-	On or before 20^thOctober, 2015
	Rs. 3,53,100/-	On or before 20^thNovember, 2015
	Rs. 3,50,334/-	On or before 20^thDecember, 2015

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ii. Mr. I.I. Khan, Company Secretary of Respondent undertakes to handover postdated cheques to the Advocate for the Petitioner within a period of one week from today. The undertaking is accepted. iii. The Respondent Company has agreed that in the event of the Respondent Company committing default in payment of any of the agreed instalments, the Company Petition shall without reference to this Court revive, 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. In the event of such default the Official Liquidator shall forthwith stand appointed as provisional Liquidator and shall immediately

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Nitin 3 1085-CP-357-2014

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take charge of the records as well as the movable and immovable properties/assets of the Company. Notice under Rule 28 of the Companies (Court) Rules, 1959 shall also stand waived on behalf of the Company.

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iii. The Company Petition is accordingly disposed of.

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(S.J. KATHAWALLA, J.)

M/S Prrmier Transport Limited v. M/S Abg Cements Limited

Case brief

What is this about?

What did the court decide?

M/S Prrmier Transport Limited v. M/S Abg Cements Limited

Case brief

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What did the court decide?

What the court decided

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