The high court disposed of a company petition by consent order. The respondent agreed to pay the petitioner a specific sum in monthly installments, with a condition for revival of the petition in case of default.
Respondent to pay Rs.12,74,005 in twelve monthly installments; petition to be revived upon default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY PETITION NO. 304 OF 2015
P.V. Organic Manure (P) Ltd. …Petitioner vs. C.J. Gelatine Products Ltd. ....Respondent
Mr.Prashant Kulkarni for Petitioner. Mr.V.S. Kokitkar for Respondent.
Mr.Hemant Randive, authorized representative of Petitioner and Mr.Jaspal Singh, Jt.MD of Respondent.
CORAM : S.C. GUPTE, J.
21 DECEMBER 2016
P.C. :
Learned Counsel for the parties inform the court that the matter has been duly settled between them and seek the following order, by consent. The order is sought in the presence of both parties through their authorized representatives.
2 The petition is accordingly disposed in terms of the following order :
(I) The Respondent shall pay a sum of Rs.12,74,005/- forming part of the Petitioner's claim in twelve equal monthly instalments to the Respondent, first of such instalments to be paid on 10 January 2017 and the next instalments on or before 10th day of each following month, in full and final satisfaction of the Petitioner's claim in the petition;
(II) In the event of there being any single default in payment of any of
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these instalments, the petition shall stand revived and admitted without reference to this court. In the event of such default and the admission of the petition, the Petitioner will be entitled to have the petition placed on board, when an appropriate returnable date will be allotted for advertisement of the petition;
(III) No order as to costs.
(S.C. Gupte, J.)
1 issue framed by the court
Whether the company petition can be disposed of on terms of a settlement agreement between the parties.
P.V. Organic Manure (P) Ltd.
C.J. Gelatine Products Ltd.
S.C. Gupte
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
