The court disposed of a company petition by recording consent terms agreed upon by both parties regarding the admission, advertisement, and conditions of default.
Petition disposed in terms of consent terms requiring advertisement and penalty deposit upon default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
agk
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY PETITION NO.49 OF 2012 WITH COMPANY APPLICATION NO.362 OF 2012
Barclays Bank PLC
Versus
PMT Machines Limited
..Petitioners.
..Respondents.
Mr. Deepak Deshmukh i/by Juris Corp., for the Petitioners.
Mr. Karl Shroff i/by M/s. Premkumar Jha, for the Respondents.
CORAM : G.S. Patel, J. Tuesday, 4th February 2014.
P.C. :
1.Parties have entered into consent terms. The consent terms are taken on
record and marked 'X1' for identification. They have been signed on behalf of
the respondents by one Mr. Rajbhushan Dixit, Director. His signature has been
witnessed. The consent terms have also been signed on behalf of the
petitioners by one Mr. Avinash Ahirekar, Vice President and Mr. Noel Lobo,
Assistant Vice President, whose signatures have also been witnessed.
2.The consent terms provide for an event of default. Clause 2(b)(i) says
that in the event of a default (defined in clause 2(a)), this petition is to be made
absolute. As this petition has not yet been admitted, that clause cannot operate
for the event of default envisaged under clause 2(a). By consent that clause will
have to be amended as follows:
1 of 2
In the Event of a Default envisaged in clause 2(a) above:
i)The company petition shall revive and stand admitted, made
returnable four weeks thereafter, and the learned advocate for the respondent –
company shall be deemed to have waived service of the petition under Rule 28
of the Company (Court) Rules, 1989;
ii)The petition shall, then, be advertised in two local news papers,
namely (a) Free Press Journal (in English); (b) Navshakti (in Marathi); as also
in (3) the Maharashtra Government Gazzette;
iii)The petitioners shall, within two weeks of the date of the Event of
Default, deposit an amount of Rs.10,000/- towards publication charges with
the Prothonotary & Senior Master, under intimation to the Company
Registrar, failing which the Company Petition shall stand dismissed without
further reference to the Court for non-prosecution.
3.Subject to the above, the petition is disposed of in terms of the consent
terms.
4.A separate set of consent terms authenticated by the advocates of both
the parties shall be taken on record by the registry.
(G.S. Patel, J.)
2 of 2
Barclays Bank PLC
PMT Machines Limited
G.S. Patel
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court