On settlement, the High Court approved consent terms stipulating immediate payment of a draft and installments for the balance, agreeing to admit the petition upon default without service notice to the respondent. The order stipulates advertising and publication charges upon default.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY PETITION NO.532 OF 2013
M/s. Oasis Water Treatment Private Limited
..Petitioners.
Versus
M/s. Concept India Private Limited
..Respondents.
Mr. M.S. Shah i/by M/s. Shantilal & Co., for the Petitioners.
Mr. Siddheshwar Kalal, for the Respondents.
CORAM : G.S. Patel, J. Wednesday, 29th January 2014.
P.C. :
1.The parties have settled the matter. Consent terms have been signed by
the Advocates for the petitioners and the respondents and the representatives
of the petitioner and respondent company. On behalf of the petitioners, the
consent terms are signed by one Vinodan P., Senior Manager and on behalf of
the respondents by one Pradeep Desai, Commercial Manager. Both Mr.
Vinodan and Mr. Desai are personally present in Court. They are identified by
their respective advocates. The Consent Terms, duly signed, are taken on
record and marked 'X' for identification.
2.The consent terms provide that an amount of Rs.1,32,597/- will be paid
during the course of the day. The petitioners have confirmed that a demand
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draft of that amount is handed over to them. Clause 1(c) of the consent terms
provides that the remaining balance of Rs.9,00,000/- shall be paid within six
months by four installments each after six weeks. There is, however, no
provision in the consent terms for a default clause.
3.Having regard to the nature of the settlement, in the event that the
respondents commit default in payment of any one of the four installments, the
petition shall stand admitted. It shall then be advertised in two local
newspapers, namely, Free Press Journal (in English) and Navshakti (in
Marathi) and in the Maharashtra Government Gazzette. Learned Advocate for
the respondents shall be then deemed to have waived service on the
respondents under Rule 28 of the Companies (Court) Rules, 1959. The
petitioners shall, within two weeks of such an event of default, deposit an
amount of Rs.10,000/- with the Prothonotary & Senior Master, High Court,
Mumbai towards publication charges, with intimation to the Company
Registrar. In default of deposit of the publication charges, the petition shall
dismissed for want of prosecution.
(G.S. Patel, J.)
Note :This order is modified as per the order dated 30th January 2014
passed on speaking to the minutes of order.
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2 issues framed by the court
Whether the settlement terms signed by the parties are acceptable.
Whether the consent to admit the petition upon default of payment is valid.
M/s. Oasis Water Treatment Private Limited
M/s. Concept India Private Limited
G.S. Patel
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court