Disposed

M/S. Pon Pure Chem (P) Ltd. v. M/S. Nicomet Industries Limited CIN-U27200MH1993PLC071450

Bombay HC28 Jan 2015CP/806/2014

Case brief

AI extract

What is this about?

The Bombay High Court in a company petition ordered the respondent company to pay a sum by installments under court supervision and accepted undertakings regarding the company's financial status and potential declarations of sickness or relief undertaking.

What did the court decide?

Respondent to pay Rs.30,50,000 in installments; company petition disposed of in favour of parties upon performance.

M/S. Pon Pure Chem (P) Ltd. Vs M/S. Nicomet Industries… — Company and Corporate | Bombay HC (2015)

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cp 806 of 2014 (920).sxw

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

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COMPANY PETITION NO.806 OF 2014

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M/s. Pon Pure Chem (P) Ltd. … Petitioner versus M/s. Nicomet Industries Ltd. … Respondent

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Mr. Chandran i/by Mini Chandran , for Petitioner.

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Mr. Sanjay Karambelkar, Dy. Manager (Accounts and Finance) of Company, present.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 28^th JANUARY, 2015

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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 Respondent Company agrees and undertakes to pay an amount of Rs.30,50,000/- to the Petitioner as follows :

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Rs. 9,00,000/on or before 20-02-2015 Rs.9,00,000/on or before 30-03-2015 Rs.12,50,000/on or before 30-04-2015

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(ii) The Company undertakes to forward the post dated cheques

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to the Advocate for the Petitioner on or before 30-01-2015. The undertaking is accepted.

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cp 806 of 2014 (920).sxw

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(iii) Upon the Company making the aforestated payments to the

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Petitioner, the parties shall have no claim of whatsoever nature against each other.

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(iv) The Company undertakes to this Court that the Company is

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not a sick Company and that it is not likely to be declared a sick company / industry in the next twelve months and that it does not intend to file an application before the concerned authority for a declaration that the Company is a sick company or industry under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985. The undertaking is accepted.

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(v) The Company undertakes to this Court that the Company is not a 'relief undertaking' or an undertaking within the purview of the Bombay Relief Undertakings (Special Provisions) Act, 1958 and that it is not likely to be declared as such an undertaking in the next twelve months and that it does not intend to file any Application or make any request for such declaration. The undertaking is accepted.

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(vi) In the event of the Respondent Company committing

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default in payment of any of the aforestated installments, the Company Petition shall without reference to this Court be revived, 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

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cp 806 of 2014 (920).sxw

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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 any 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 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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(vii) The Company Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

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M/S. Pon Pure Chem (P) Ltd. v. M/S. Nicomet Industries Limited CIN-U27200MH1993PLC071450

Case brief

What is this about?

What did the court decide?

M/S. Pon Pure Chem (P) Ltd. v. M/S. Nicomet Industries Limited CIN-U27200MH1993PLC071450

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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