Disposed

Thomas Cook (India ) Ltd. v. Arshiya Ltd. Cin -L27320MH1981PLC024747

Bombay HC7 Oct 2014CP/712/2014

Case brief

AI extract

What is this about?

The Company Court accepted the petition upon the respondent admitting a debt of Rs. 65,00,000/- and undertaking to pay it in quarterly installments. The petition was disposed of, reserving the petitioner's right to pursue further proceedings for the balance claim if defaults occur.

What did the court decide?

Respondent admitted debt of Rs. 65,00,000/- and undertook to pay in quarterly installments; petition disposed of.

Thomas Cook (India ) Ltd. Vs Arshiya Ltd. Cin… — Civil Procedure and Limitation | Bombay HC (2014)

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cpl 489 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.489 OF 2014

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Thomas Cook (India) Ltd. … Petitioner versus M/s. Arshiya Limited … Respondent

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Mr. R. Gupta with Ms. Gandhi i/by M/s. PKA Associates, for Petitioner. 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.65,00,000/- 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.65,00,000/- as follows :

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Rs.5,00,000/to be paid on or before 27-10-2014 Rs.5,00,000/to be paid on or before 27-11-2014 Rs.10,00,000/to be paid on or before 10-12-2014 Rs.10,00,000/to be paid on or before 10-01-2015

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cpl 489 of 2014 (951).sxw

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Rs.10,00,000/-	to be paid on or before 10-02-2015
Rs.10,00,000/-	to be paid on or before 10-03-2015
Rs.10,00,000/-	to be paid on or before 10-04-2015
Rs.5,00,000/-	to be paid on or before 10-05-2015

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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 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

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cpl 489 of 2014 (951).sxw

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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

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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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Thomas Cook (India ) Ltd. v. Arshiya Ltd. Cin -L27320MH1981PLC024747

Case brief

What is this about?

What did the court decide?

Thomas Cook (India ) Ltd. v. Arshiya Ltd. Cin -L27320MH1981PLC024747

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

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