Disposed

M/S.Gateway Nv v. M/S. G. and M Travels Pvt.Ltd.(Thr Its Division-Travellers World), Cin NO.U63040MH2008PTC180274

Bombay HC20 Mar 2014CP/599/2013

Case brief

AI extract

What is this about?

In a company petition case, the High Court accepted a settlement offer of Euro 6,60,000 made by the respondents in full and final settlement. The petition was disposed of on these terms, with conditions regarding payment by 25 April 2014. This court expressly refrained from expressing any opinion on the merits of the claims.

What the court decided

AI extract

M/S.Gateway Nv Vs M/S. G. and M Travels Pvt.Ltd.(Thr… — Company and Corporate | Bombay HC (2014)

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918-CP599-13.DOC

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Atul

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 599 OF 2013

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M/s. Gateway NV…Petitioners
Versus
M/s. G & M Travels Private Limited (Thr' its …Respondents
division-travellers World)

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Mr. Asmit Trivedi, i/by M/s. Dhruve Liladhar & Co., for the
Petitioners.

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Mr. Prashant Kamble, i/by Yatin A. Shah, 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.In this matter, Mr. Shah, learned advocate for the
respondents had from the very first hearing and thereafter at every
one of the many hearings that follow, very fairly stated that his
clients are willing to make payment of a sum of Euro 6,60,000/- to
the petitioner. All other claims by the petitioners were, however,
disputed.

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2.The learned advocate for the petitioners has written
instructions to accept this offer of Euro 6,60,000/- in full and final
settlement of the petitioners' claim. The amount shall be paid by

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1 of 3

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918-CP599-13.DOC

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the respondents to the petitioners in one payment on or before 25th
April 2014 by wire transfer or on-line remittance. Advocates for the
petitioners will communicate their clients' bank details to the
advocates for the respondents on or before 28th March 2014.

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3. This order is passed without any expression as to the merits of the rival cases.

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4. In the event that the payment is not made by 25th April 2014, then :

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(a) The petition shall thereupon revive and stand admitted without further reference to the Court, returnable on 17th June 2014.

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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) In case of such default, the petitioners shall deposit Rs.10,000/- toward publication charges on or before 9th May 2014 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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(e) There will also be an order in terms of prayer clause (c). The provisional liquidator shall forthwith take charge of the properties and assets of the respondent - Company.

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(f) Pending hearing and final disposal of the petition, the respondents shall be restrained from disposition of any of its assets or properties without leave of this Court,

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918-CP599-13.DOC

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except in the ordinary and usual course of its business.

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3. 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.Gateway Nv v. M/S. G. and M Travels Pvt.Ltd.(Thr Its Division-Travellers World), Cin NO.U63040MH2008PTC180274

Case brief

What is this about?

What the court decided

M/S.Gateway Nv v. M/S. G. and M Travels Pvt.Ltd.(Thr Its Division-Travellers World), Cin NO.U63040MH2008PTC180274

Case brief

What is this about?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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