The Hon'ble Court disposed of Company Petition No. 646 of 2013. The Respondent undertook to pay the Petitioner principal interest installments and provided for winding-up proceedings in case of default.
Undertaking to pay Rs. 60,00,000/- in 40 monthly installments with agreed interest; revival of winding-up petition in case of default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
cp 646 of 2013 (906).sxw
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY PETITION NO.646 OF 2013
Ajay Jain … Petitioner
versus
Euro Décor Pvt. Ltd. … Respondent
Ms. Monica Parikh, for Petitioner.
Mr. Simil Purohit with Ms. Priyanka Fadia, for Respondent.
CORAM: S.J. KATHAWALLA, J.
DATE: 17th OCTOBER, 2014
P.C.:
(i) The Respondent agrees and undertakes to pay an amount of Rs.60,00,000/- to the Petitioner.
(ii) The said amount of Rs.60,00,000/- shall be paid by the Company to the Petitioner in 40 monthly installments of Rs.1,50,000/- payable on or before 20th day of each month beginning from 20th November, 2014.
(iii) The interest accrued as undertaken by the Company on the principal amount of Rs.60,00,000/- 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 :
1/3
ssp
cp 646 of 2013 (906).sxw
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
before 31-01-2015.
(iv) Interest payable on the principal amount of Rs.60,00,000/- 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.
(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 :
(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;
2/3
ssp
cp 646 of 2013 (906).sxw
(vi) The Company Petition is accordingly disposed of.
( S.J.KATHAWALLA, J. )
3/3
ssp
Ajay Jain
Euro Décor Pvt. Ltd.
S.J. KATHAWALLA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
