Disposed

M/S. Vasants Labels Pvt. Ltd. v. M/S. Douceur Sports Wear Manufacturing Co. Pvt. Ltd.

Bombay HC2 May 2016CP/214/2011

Case brief

AI extract

What is this about?

Petition for winding up of the Respondent Company was disposed of on consent terms agreed between the petitioner and respondent, with the intervenor's claim reserved against the bank. The undertaking furnished to the court by the company director was vacated subsequently.

What did the court decide?

Company Petition disposed of in terms of Consent Terms; undertaking furnished to Court vacated.

M/S. Vasants Labels Pvt. Ltd. Vs M/S. Douceur Sports… — Company and Corporate | Bombay HC (2016)

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

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COMPANY PETITION NO.214 OF 2011

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M/s Vasants Labels Pvt. Ltd. .. Petitioner And M/s Douceur Sports Wear Manufacturing Company Pvt. Ltd .. Respondent Versus The Shamrao Vithal Co-operative Bank Ltd .. Intervenor

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Mr.Arvind Taral i/b Q.M. Ashtaq for the Petitioner.

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Mr. Rohan Cama a/w Rahul Jain i/b RES Legal for the Respondent. Mr. Nikhil Rajani i/b V. Deshpande & Co., for the Intervenor.

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CORAM : S.C.GUPTE, J.

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DATE : 2 MAY 2016.

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P.C. :

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Mentioned. Not on board.

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2 This is a Company Petition seeking winding up of the RespondentCompany. In this Petition, there is an application for intervention on the part of Shamrao Vithal Co-operative Bank Ltd, who claims to be the creditor of the Respondent-Company. The application for intervention is by way of an affidavit, incorporating the claim of the Intervenor against the Respondent-Company. It is now agreed between the Intervenor-Shamrao Vithal Co-operative Bank Limited and the Respondent-Company that this claim is settled but if any claim is made by ECGS Ltd. (formerly Export Credit Guarantee Corporation of India Ltd.) against Shamrao Vithal Cooperative Bank Ltd., it would like to reserve its remedy against the

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Respondent-Company in respect of such claim. All rights and contentions of the parties in that behalf are kept open.

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3 In so far as the claim in the Company Petition itself is concerned, Learned Counsel for the parties, i.e. the Petitioner and the RespondentCompany, tender the Consent Terms duly signed by the parties and their respective Advocates. Learned Counsel seek disposal of the Company Petition in terms of the Consent Terms. The Consent Terms are taken on record, marked 'X' for identification. The statements and undertakings contained therein, are accepted. The Company Petition is disposed of in terms of the Consent Terms. No order as to costs.

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4 In view of the Consent Terms taken on record and the order of disposal passed in terms thereof, the undertaking furnished to this Court by the Director of the Respondent-Company shall stand vacated.

M/S. Vasants Labels Pvt. Ltd. v. M/S. Douceur Sports Wear Manufacturing Co. Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

M/S. Vasants Labels Pvt. Ltd. v. M/S. Douceur Sports Wear Manufacturing Co. Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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