Disposed

M/S.Ivr Cranes v. Petron Civil Engineering Pvt.Ltd, Cin NO.U28920MH1980PTC023537

Bombay HC3 Dec 2014CP/423/2014

Case brief

AI extract

What is this about?

The court, by consent, allowed a draft amendment and a settlement of Rs. 12,00,000 payable in three installments by the Respondent to the Petitioner to fully and finally settle both the Petitioner's claim. Default conditions for revival, appointment of liquidator, and notice waiver were laid down.

What did the court decide?

Allowed draft amendment; Ordered Respondent to pay Rs. 12,00,000/- in three installments to settle Petitioner's claim; Laid down default consequences including revival, liquidator appointment, and wai

M/S.Ivr Cranes Vs Petron Civil Engineering Pvt.Ltd, Cin… — Company and Corporate | Bombay HC (2014)

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cp 423 of 2014 (923).sxw

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

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COMPANY PETITION NO.423 OF 2014

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M/s. IVR Cranes … Petitioner V/s. Petron Civil Engineering Pvt. Ltd. … Respondent

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Mr. Mayur Khandeparkar i/by M/s. Kanga and Co., for Petitioner. Ms. Ambreen Saheed i/by M/s. MDP and Partners, for Respondent.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 3^rd DECEMBER, 2014.

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P.C.:

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Heard the learned Advocates for the parties and by consent, the

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following order is passed :

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(i) Draft amendment tendered by the learned Advocate for the

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Petitioner is taken on record, marked 'X' for identification and allowed. Amendment to be carried out within one week from today. Re-verification is dispensed with.

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(ii) The learned Advocate for the Company, on instructions, undertakes to pay an amount of Rs.12,00,000/- to the Petitioner in full and final settlement of the claim of the Petitioner in the above Petition. The said amount of Rs.12,00,000/- shall be paid by the Company to the Petitioner as follows :

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1/2

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ssp

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cp 423 of 2014 (923).sxw

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Rs.4,00,000/on or before 17-12-2014 Rs.4,00,000/on or before 07-01-2015 Rs.4,00,000/on or before 28-01-2015

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(iii) In the event of the Respondent Company committing default in

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payment of any of the aforestated installments, the Company Petition shall without reference to this Court be revived, 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 any default the Official Liquidator shall forthwith stand appointed as provisional liquidator and shall immediately take charge of the records as well as the movable and immovable properties 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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(vi) The Company Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

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M/S.Ivr Cranes v. Petron Civil Engineering Pvt.Ltd, Cin NO.U28920MH1980PTC023537

Case brief

What is this about?

What did the court decide?

M/S.Ivr Cranes v. Petron Civil Engineering Pvt.Ltd, Cin NO.U28920MH1980PTC023537

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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