Disposed

Vijay Jain v. Euro Decor Pvt.Ltd.Cin NO.U20200MH1997PTC109078

Bombay HC17 Oct 2014CP/645/2013

Case brief

AI extract

What is this about?

This order accepts the respondent company's undertaking to pay Rs.65 lakhs plus interest in monthly installments. In case of default, the winding-up petition (Company Petition No.645 of 2013) stands revived. Costs are also awarded.

What did the court decide?

Order for payment of Rs.65 lakhs in 43 monthly installments with interest; revival of winding-up petition in case of default.

Vijay Jain Vs Euro Decor Pvt.Ltd.Cin… — Company and Corporate | Bombay HC (2014)

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cp 645 of 2013 (906).sxw

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

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COMPANY PETITION NO.645 OF 2013

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Vijay Jain … Petitioner versus Euro Décor Pvt. Ltd. … Respondent

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Ms. Monica Parikh, for Petitioner.

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Mr. Simil Purohit with Ms. Priyanka Fadia, for Respondent.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 17^th OCTOBER, 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 agrees and undertakes to pay an amount of Rs.65,00,000/- to the Petitioner.

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(ii) The said amount of Rs.65,00,000/- shall be paid by the Company to the Petitioner in 43 monthly installments of Rs.1,50,000/- payable on or before 20^th day of each month beginning from 20^th November, 2014. However, the last installment shall be of Rs.2,00,000/-.

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(iii) The interest accrued as undertaken by the Company on the principal amount of Rs.65,00,000/- from 01-10-2012 till 30-09-2014 at the rate of 6% p.a., shall be paid by the company to the Petitioner as follows :

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1/3

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ssp

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cp 645 of 2013 (906).sxw

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50% of the said interest shall be paid on or before 31-10-2014; and balance 50% interest shall be paid of the accrued interest on or

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before 31-01-2015.

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(iv) Interest payable on the principal amount of Rs.65,00,000/- for every quarter starting from 01-10-2014 is undertaken to be paid by the Respondent Company at the rate of 6% p.a., on or before the end of each quarter on reducing balance of principal amount till the full principal amount is paid. The undertakings given by the Respondent Company are accepted.

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(v) In the event of the Company committing any default ( including grace period of 15 days) in payment of the agreed installments and interest hereinabove, the Company Petition shall stand revive without reference to this Court and the same shall stand allowed in terms of prayer clauses (a) and (b), which are reproduced hereunder :

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(a) that the Company M/s. Euro Décor Pvt. Ltd. be wound up by this Hon'ble Court under the provisions of the Companies Act, 1956;

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(b) that the Official Liquidator be appointed as the liquidator of the Company with all the powers under the Companies Act, to take charge of the assets of the Company and to conduct its affairs in the course of winding up and to distribute its assets in accordance with the law;

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cp 645 of 2013 (906).sxw

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(vi) The cost of the advertisement of Rs.13,926/- shall be paid by the

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Company on or before 27-10-2014.

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(vi) The Company Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

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Vijay Jain v. Euro Decor Pvt.Ltd.Cin NO.U20200MH1997PTC109078

Case brief

What is this about?

What did the court decide?

Vijay Jain v. Euro Decor Pvt.Ltd.Cin NO.U20200MH1997PTC109078

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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