Disposed

M/S.Jai Balalji Industries Ltd. v. M/S.Gammon India Ltd., Cin NO.L74999MH1922PLC000997

Bombay HC20 Mar 2014CP/482/2013

Case brief

AI extract

What is this about?

In company petition No. 482 of 2013, the court settled the dispute between the petitioner and respondent. The respondents agreed to pay the principal amount and interest in three instalments. The petition was disposed of with terms ensuring revival upon default.

What did the court decide?

Respondents to pay Rs. 1,06,30,100 in three instalments plus Rs. 14,50,000 interest; petition dismissed subject to default terms.

M/S.Jai Balalji Industries Ltd. Vs M/S.Gammon India… — Company and Corporate | Bombay HC (2014)

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920-CP482-13.DOC

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Atul

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

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COMPANY PETITION NO. 482 OF 2013

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M/s. Jai Balaji Industries Limited…Petitioners
Versus
M/s. Gammon India Limited…Respondents

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Mr. G.B. Kedia, for the Petitioners.
Mr. Shailesh Mendon, with Mr. Shahezad Kazi, Mr. Deepak Rai,
i/by Negandhi, Shah & Himayatullah, for the Respondents.

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CORAM: G.S. PATEL, J DATED: 20th March, 2014

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PC:-

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1.This petition has been settled. The respondents have agreed
to pay to the petitioners the principal amount of Rs.1,06,30,100/- in
three equal instalments on 15th April 2014, 15th May 2014 and 15th
June 2014. In addition, an amount of Rs.14,50,000/- will also be
paid by the respondents to the petitioners on 15th June 2014
towards interest.

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2.All payments will be made either by cheques or by demand
drafts. The respondents undertake to this Court that these
payments will be made on their due dates, and if the payments are
made by cheques, the cheques will be honoured.

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920-CP482-13.DOC

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3. In the event the respondents commit default in payment of any one of the above instalments, then :

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

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

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

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4.These payments are, of course, subject to such statutory
deductions as are required to be made by the respondents. If any
amounts are deducted towards tax, corresponding certificates will
be issued by the respondents to the petitioners.

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5. Subject to above, the company petition is disposed of in the above terms.

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(G. S. PATEL, J.)

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M/S.Jai Balalji Industries Ltd. v. M/S.Gammon India Ltd., Cin NO.L74999MH1922PLC000997

Case brief

What is this about?

What did the court decide?

M/S.Jai Balalji Industries Ltd. v. M/S.Gammon India Ltd., Cin NO.L74999MH1922PLC000997

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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