Disposed

Shri Balaji Roadways (I) Limited v. Hindustan Dorr-Oliver Ltd. (Cin L74210MH1974PLC017644)

Bombay HC11 Sept 2014CP/507/2014

Case brief

AI extract

What is this about?

The Court, by consent order, disposed of a Company Petition. The Respondent undertook to pay a specific debt in five installments, agreed not to seek extensions, and acknowledged terms regarding penalty in case of default and appointment of a provisional liquidator.

What did the court decide?

The Respondent undertook to pay Rs. 48,10,611/- in five installments; the Company Petition was disposed of.

Shri Balaji Roadways (I) Limited Vs Hindustan… — Company and Corporate | Bombay HC (2014)

Nitin

912-CP-507-2014

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

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COMPANY PETITION NO. 507 OF 2014

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Shri Balaji Roadways (India) Limited … Petitioner Versus

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Hindustan Dorr Oliver Limited … Respondent

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Mr. Kamlesh Rajwani i/b. Fox Mandal Partner for the Petitioner. Mr. B. Castellino i/b. M/s. Pandya & Company for the Respondent.

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CORAM : S.J. KATHAWALLA, J. DATE : 11TH SEPTEMBER, 2014

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P.C.:

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Heard the learned Advocates appearing for the parties and

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by consent, the following order is passed :

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(i) The Respondent Company agrees and undertakes to pay an

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amount of Rs.48,10,611/- to the Petitioner as follows :

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a. Rs. 14,00,000/On or before 30^th September, 2014.

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b. Rs.8,00,000/On or before 31^st October, 2014. c. Rs.8,00,000/On or before 30^th November, 2014. d. Rs.10,00,000/On or before 31^st December, 2014.

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e. Rs.8,10,611/On or before 31^st January, 2015.

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(ii) The Respondent Company undertakes not to seek any extension of

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time in making the above payments or any part thereof to the Petitioner. The undertaking is accepted.

Nitin

912-CP-507-2014

(iii)The Respondent Company has agreed that in the event of the Respondent Company committing default in payment of any of the agreed installments, the Company Petition shall without reference to this Court revive, 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 such 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/assets 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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(iv) The Company Petition is accordingly disposed of.

Shri Balaji Roadways (I) Limited v. Hindustan Dorr-Oliver Ltd. (Cin L74210MH1974PLC017644)

Case brief

What is this about?

What did the court decide?

Shri Balaji Roadways (I) Limited v. Hindustan Dorr-Oliver Ltd. (Cin L74210MH1974PLC017644)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

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