Disposed

Sandeep Steels v. Shivam Parivar Developers Pvt. Ltd. (Cin U45200MH2005PTC152371)

Bombay HC10 Feb 2015CP/302/2014

Case brief

AI extract

What is this about?

The Bombay High Court disposed of a Company Petition and Application where the parties compromised. The respondent agreed to pay a specific sum in installments as full settlement, in return for the petitioner withdrawing an underlying suit. The court laid down a procedure for revival of the petition in case of default.

What did the court decide?

Respondent ordered to pay Rs. 8,25,774/- in two installments. Petitioner to withdraw Suit No. 582 of 2014 upon full payment. Default conditions for revival of petition and appointment of provisional l

Sandeep Steels Vs Shivam Parivar Developers Pvt. Ltd… — Company and Corporate | Bombay HC (2015)

Nitin

910-CP-302-2014

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

¶5

COMPANY PETITION NO. 302 OF 2014

¶6

ALONG WITH

¶7

COMPANY APPLICATION NO. 349 OF 2014

¶8

Sandeep Steels … Petitioner

¶9

Versus

¶10

Shivam Parivar Developers Private Limited

¶11

… Respondent

¶12

Mr. Vinay Kanodia i/b. Law Chamber of Siddharth Murarka for the Petitioner.

¶13

Mr. Sushrut Desai a/w. Mr. Anil J. i/b. Legal Associates for the Respondent.

¶14

CORAM : S.J. KATHAWALLA, J. DATED : 10TH FEBRUARY, 2015

¶15

P.C.

¶16

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

¶17

i. The Respondent Company agrees and undertakes to pay an amount of Rs.8,25,774/- (less TDS) to the Petitioner in full and final settlement of the claim of the Petitioner against the Respondent, as follows:

¶18

Rs. 4,12,887/- (less TDS) on or before 10^th March, 2015

¶19

Rs. 4,12,887/- (less TDS) on or before 7^th April, 2015

¶20

ii. Upon payment of the entire amount as undertaken by the Respondent in clause (i) above, the parties shall have no claim against each other and the Plaintiff shall within a period of two weeks thereafter

¶21

Nitin 2 910-CP-302-2014

¶22

unconditionally withdraw Suit No. 582 of 2014 pending before the Dindoshi Court, Mumbai.

¶23

iii. The Respondent Company has agreed that in the event of the Respondent Company committing default in payment as undertaken in Clause (i) hereinabove, 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 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 Rule 28 of the Companies (Court) Rules, 1959 shall also stand waived on behalf of the Company.

¶24

iv. The above Application as well as Petition are accordingly disposed of.

¶25

(S.J. KATHAWALLA, J.)

Sandeep Steels v. Shivam Parivar Developers Pvt. Ltd. (Cin U45200MH2005PTC152371)

Case brief

What is this about?

What did the court decide?

Sandeep Steels v. Shivam Parivar Developers Pvt. Ltd. (Cin U45200MH2005PTC152371)

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

Similar cases

Namrata Mukesh Makhija Vs M/S.Novelty Power and Infratech Ltd, Cin NO.U27100MH2005PLC150870

Small Industries Development Bank of India (Sidbi ) Vs Expressit Logistics Worldwide Ltd. (CIN-U74999MH2002PLC135720)

Mr. Kaushik Trivedi Vs Sdi Techservices India Pvt. Ltd. (Cin U72200MH2003PTC143467)

Fullerton India Credit Co.Ltd. Vs M/S. Milestone Interactive Pvt.Ltd. and 3 Ors.

Laqshya Media Pvt. Ltd. Vs World Series Hockey Private Limited (Cin U92400MH2011PTC213530)

M/S. Karsam Tele Trading Pvt. Ltd. Vs M/S. Pal Trading Company Pvt. Ltd. (Cin U51109MH2008PTC184901)