Allowed

SBI Global Factors Ltd. v. M/S. Perfect Engineering Products Ltd.

Bombay HC11 Dec 2014CP/493/2011

Case brief

AI extract

What is this about?

The court approved a settlement wherein the respondent undertook to pay the petitioner Rs.6.38 Crores in full and final settlement. The order stipulated a payment schedule and provided that upon any default, the Company Petition for winding up would revive under Section 457.

What did the court decide?

Respondent undertakes to pay petitioner Rs.6.38 Crores; parties released from further claims unless default occurs.

SBI Global Factors Ltd. Vs M/S. Perfect Engineering… — Company and Corporate | Bombay HC (2014)

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cp 493 of 2011 (918).sxw

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.493 OF 2011

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SBI Global Factors Ltd. … Petitioner V/s. M/s. Perfect Engineering Products Ltd. … Respondent

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Mr. Amit Jajoo i/by M/s. Paras Kuhad and Associates, for Petitioner. Dr. Birendra Saraf with Mr. R.A.Shaikh, for Respondent. Mr. Atul Shah, Vice President of Petitioner, present. Mr. Amrish Shah, MD of Respondent, present.

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CORAM: S.J. KATHAWALLA, J. DATE: 11^th 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) The Company through its Managing Director who is present in

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Court, agrees and undertakes to pay an amount of Rs.6.38 Crores to the

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Petitioner in full and final settlement of the claim of the Petitioner in the above

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Company Petition. The said amount of Rs.6.38 Crores shall be paid as under :

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(a) Rs.2.50 Crores on or before 31-12-2014 (b) Rs.1 Crore on or before 31-03-2015 (c) Rs.2.88 Crores to be paid in 9 equal monthly installments of Rs.32 Lakhs each Payable on or before 25^th of each month i.e. from April 2015 to December 2015.

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ssp

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cp 493 of 2011 (918).sxw

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(ii) In the event of the amount being paid by the Company to the Petitioner as undertaken hereinabove, the parties shall have no claims of whatsoever nature against each other.

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(iii) However, in the event of the Company committing any default in payment of the aforestated installments, the Company Petition shall without reference to this Court revive and stand allowed in terms of prayer clauses (a) and (b), which are reproduced hereunder :

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(a) that the Respondent Company viz M/s. Perfect Engineering Products Ltd., whose registered office is situated at 31, Golden Beach, Ruia Park, Juhu, Mumbai 400 049 be wound up by and under the orders and directions of this Hon'ble Court under the provisions of the Companies Act, 1956;

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(b) The Official Liquidator of this Hon'ble Court be appointed Liquidator of the Company with all powers under Section 457 of the Companies Act, 1956 to take charge of the assets, business affairs, properties, bank accounts, books of account vouchers, documents, etc., of the Company with all powers under the provisions of the Companies Act, 1956;

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The Company Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

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ssp

SBI Global Factors Ltd. v. M/S. Perfect Engineering Products Ltd.

Case brief

What is this about?

What did the court decide?

SBI Global Factors Ltd. v. M/S. Perfect Engineering Products Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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