Disposed

Hindustan Petroleum Corporation Ltd. v. Pratibha Shipping Company Ltd., Cin NO.U35110MH1995PLC085742

Bombay HC4 Mar 2014CP/425/2013

Case brief

AI extract

What is this about?

The High Court settled Company Petition No. 425 of 2013 between Hindustan Petroleum Corporation Ltd. and Pratibha Shipping Company Limited on terms for repayment of a principal sum of Rs. 8.55 crores via instalments, with a stipulation for revival of the petition in case of default.

What did the court decide?

Repayment of Rs. 8,55,58,040/- in installments by 31st January 2015; in case of default, petition revives without further Court reference.

Hindustan Petroleum Corporation Ltd. Vs Pratibha… — Company and Corporate | Bombay HC (2014)

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20-CP425-13.DOC

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Agk

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 425 OF 2013

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Hindustan Petroleum Corporation Ltd.,…Petitioners
Versus
Pratibha Shipping Company Limited…Respondents

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Mr. Charles D’Souza with Mahim Sinha,for the Petitioners.
Mr. Rashmin Khandekar with Mr. Sanjay Hariakar & Mr. Prasad
Shenoy i/by M/s. Chitnis & Co., for the Respondents.

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CORAM:G.S. PATEL, J
DATED:4th March 2014

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PC:-

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1.This matter has been settled between the parties on the
following terms.

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(a) The respondents will repay to the petitioners the principal amount of Rs.8,55,58,040/- in the following manner:

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ARs.1,00,00,000/- by 31st May 2014
BRs.1,00,00,000/- by 30th June 2014
CRs.1,00,00,000/- by 31st July 2014
DRs.1,00,00,000/- by 31st August 2014

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1 of 3

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20-CP425-13.DOC

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E Rs.1,00,00,000/- by 30th September 2014 F Rs.1,00,00,000/- by 31st October 2014 G Rs.1,00,00,000/- by 30th November 2014 H Rs.1,00,00,000/- by 31st December 2014 i Rs.55,85,040/- by 31st January 2015

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(b) In the event the respondent – company commits default in payment of any one of these instalments, then:

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(i) The petition shall thereupon revive and stand admitted without further reference to the Court.

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(ii) Service of the petition under Rule 28 of the Companies (Court) Rules, 1959 shall be deemed to have been waived.

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(iii) The petition shall then be advertised in two local newspapers, namely, (i) Free Press Journal (in English), and (ii) Navshakti (in Marathi) as also in (iii) the Maharashtra Government Gazette.

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(iv) The petitioners shall deposit Rs.10,000/toward publication charges with the Prothonotary and Senior Master, under intimation to the Company Registrar, within two weeks from the date of such default, failing which the Petition shall stand dismissed for non-prosecution without further reference to the Court .

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2.On behalf of the respondent–company, one Mr. Sunil A.
Pawar, Managing Director is personally present in Court and agrees
to these terms. Learned advocate for the petitioners, for his part,
states that he has written instructions to accept to these terms.

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20-CP425-13.DOC

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3. The company petition is accordingly disposed of.

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(G. S. PATEL, J.)

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Hindustan Petroleum Corporation Ltd. v. Pratibha Shipping Company Ltd., Cin NO.U35110MH1995PLC085742

Case brief

What is this about?

What did the court decide?

Hindustan Petroleum Corporation Ltd. v. Pratibha Shipping Company Ltd., Cin NO.U35110MH1995PLC085742

Case brief

What is this about?

What did the court decide?

What the court decided

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Parties & counsel

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