Disposed

K. Srinivas v. M/S. Arshiya Limited (Cin L27320MH1981PLC024747)

Bombay HC7 Oct 2014CP/711/2014

Case brief

AI extract

What is this about?

Nai conducted. The petitioner's Company Petition was accepted. The respondent admitted a debt of Rs.6,55,000 and undertook to pay it in two installments. An undertaking was signed for revival of the petition and appointment of an Official Liquidator in case of default.

What did the court decide?

Admittance of the petition; acceptance of undertaking regarding payment of dues; disposal of the petition.

K. Srinivas Vs M/S. Arshiya Limited (Cin… — Company and Corporate | Bombay HC (2014)

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cpl 310 of 2014 (951).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.310 OF 2014

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K. Srinivas … Petitioner versus M/s. Arshiya Limited … Respondent

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Mr. Jayesh Bhatt, for Petitioner.

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Mr. Vyas i/by M/s. Economic Law Practice, for Respondent.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 7^th OCTOBER, 2014

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P.C.:

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Heard the learned Advocates for the parties and by consent, the

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following order is passed :

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(i) The Petition is accepted and made returnable forthwith.

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(ii) The Respondent Company admits that an amount of

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Rs.6,55,000/- is due and payable by the Company to the Petitioner.

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(ii) The Company undertakes to pay the said amount of

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Rs.6,55,000/- in two equal installments of Rs.3,27,500/- as follows :

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Rs.3,27,500/to be paid on or before 27-10-2014 Rs.3,27,500/to be paid on or before 15-12-2014

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(iii) The Respondent Company undertakes not to see any extension of

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time in making the above payments or any part thereof to the Petitioner. The

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ssp

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cpl 310 of 2014 (951).sxw

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undertaking is accepted.

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(iv) 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 Government Gazette. The Petitioner shall also 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, within 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 movables and immovable properties/assets of the Company. Notice under Rule 28 of the Companies (Court) Rules 1959 shall also stand waived on behalf of the Company.

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(v) The Petitioner shall be at liberty to take out appropriate proceedings against the Respondent for its balance claim against the Company.

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(v) The Company Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

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2/2

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ssp

K. Srinivas v. M/S. Arshiya Limited (Cin L27320MH1981PLC024747)

Case brief

What is this about?

What did the court decide?

K. Srinivas v. M/S. Arshiya Limited (Cin L27320MH1981PLC024747)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

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