Disposed

M/S. Metal Udyog (India) v. Hindustan Dorr Oliver Limited, Cin No. L74210MH1974

Bombay HC1 Sept 2014CP/638/2014

Case brief

AI extract

What is this about?

The court, on a Company Petition, recorded an agreement where the respondent company undertook to pay the petitioner a substantial sum in monthly installments. The court passed an order detailing the instalment schedule, provided for reconciliation of accounts, and imposed strict conditions regarding the consequences of any default, including the revival of the petition and appointment of a liquid

What did the court decide?

Respondent to pay Rs.76,61,000 in installments; default leads to revival of petition and appointment of provisional liquidator; notice under Rule 28 waived.

M/S. Metal Udyog (India) Vs Hindustan Dorr Oliver… — Specific Performance | Bombay HC (2014)

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cpl 551 of 2014 (904).sxw

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

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COMPANY PETITION (L) NO.551 OF 2014

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M/s. Metal Udyog (India) … Petitioner versus

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Hindustan Dorr Oliver Limited … Respondent

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Mr. K.S.Tripathi, for Petitioner.

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Mr. B. Castellino i/by M/s. Pandya and Co., for Respondent. Mr. Bhavarlal Sanghavi, Partner of Petitioner, present.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 1^st SEPTEMBER, 2014

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P.C.:

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Heard the learned Advocates for the parties and by consent, the following order is passed :

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(i) The Respondent Company agrees and undertakes to pay an amount of Rs.76,61,000/- to the Petitioner as follows :

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Rs.10,00,000/on or before 25-09-2014 Rs.10,00,000/on or before 25-10-2014 Rs.10,00,000/on or before 25-11-2014 Rs.10,00,000/on or before 25-12-2014 Rs.10,00,000/on or before 25-01-2015

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cpl 551 of 2014 (904).sxw

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Rs.10,00,000/on or before 25-02-2015

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Rs.10,00,000/on or before 25-03-2015 Rs.6,61,000/on or before 25-04-2015

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(ii) Apart from the aforestated amount, according to the

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Petitioner, an amount of Rs.5,88,000/- is due and payable by the Respondent to the Petitioner. It is therefore, agreed between the parties that they shall reconcile their books of accounts before 15-09-2014 and after mutual reconciliation of the accounts, if any amount is found payable, the same shall be paid along with the last installment of Rs.6,61,000/- on or before 15-04-2015.

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(ii) The Company further undertakes not to seek any extension of time in making the above payments or any part thereof to the Petitioners. The undertaking is accepted.

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(iii)The 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

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cpl 551 of 2014 (904).sxw

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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

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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.

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(v) Office shall number the Petition within a period of one week

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from today.

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( S.J.KATHAWALLA, J. )

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M/S. Metal Udyog (India) v. Hindustan Dorr Oliver Limited, Cin No. L74210MH1974

Case brief

What is this about?

What did the court decide?

M/S. Metal Udyog (India) v. Hindustan Dorr Oliver Limited, Cin No. L74210MH1974

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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