Dismissed

M/S. Agarwal Lifters v. Valecha Engineering Ltd. Cin No. L74210MH1977PLC019535

Bombay HC4 Apr 2016CP/91/2015

Case brief

AI extract

What is this about?

M/s Agarwal Lifters filed a winding-up petition against Valecha Engineering Ltd. for inability to pay debts. The respondent disputed the interest claim. A consensus was reached to reduce the interest. The court ordered payment in installments, dismissing the petition upon full compliance or admitting it upon any default.

What did the court decide?

Order: Respondent to pay Rs. 18,77,542/- in four installments. Petition dismissed if paid as scheduled; else admitted on default.

M/S. Agarwal Lifters Vs Valecha Engineering Ltd… — Insolvency and Bankruptcy | Bombay HC (2016)

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25.cp.91.2015.doc

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dik

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

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COMPANY PETITION NO. 91 OF 2015

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M/s Agarwal Lifters ...Petitioner vs Valecha Engineering Ltd. ...Respondent

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Mr Dinesh G. Mishra for the Petitioner Mr Aditya Chitale i/b MNSQ Legal for the Respondent

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CORAM : B. P. COLABAWALLA J.

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APRIL 04, 2016

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P.C. :

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This Company Petition is filed by the Petitioner - M/s Agarwal Lifters seeking to windup the Respondent - Valecha Engineering Ltd. on the ground that the Company is unable to pay its debts. The claim in the present Petition is for a sum of Rs.16,67,542/which is the principal amount together with interest thereon at the rate of 24 % per annum which, according to the Petitioner, comes to a sum of Rs.8,41,728/-.

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2 The Respondent company very fairly does not dispute the principal amount claimed in the Petition. It, however, has a grievance with reference to the interest claim. It is the case of the Respondent company that the rate of interest claimed is highly

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Pg 1 of 3

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25.cp.91.2015.doc

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excessive and ought not to be granted by the Court.

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3 After the matter was argued for some time, parties have arrived at a consensus that the Respondent Company shall pay to the Petitioner, the principal sum of Rs.16,67,542/- and interest in the sum of Rs.2,10,000/- in full and final settlement of the claim made in the present Petition. Learned advocate appearing on behalf of the Respondent - Company, however, states that the Company will require some time to make the aforesaid payment.

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4 In view of the aforesaid consensus, the following order is

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passed.

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(i) The Respondent company shall pay a sum of Rs.18,77,542/- (Rs.16,67,542/- + Rs.2,10,000/-)

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to the Petitioner in the following manner.

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Sr.No.	Amount	To be paid on or before
1	Rs.4,69,386/-	30^thApril 2016
2	Rs.4,69,386/-	31^stMay 2016
3	Rs.4,69,386/-	30^thJune 2016
4	Rs.4,69,384/-	31^stJuly 2016

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(ii) The Respondent company undertakes that it shall

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Pg 2 of 3

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25.cp.91.2015.doc

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not commit any default in payment of these installments. The undertaking is accepted.

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(iii) If the aforesaid payments are made in the time schedule mentioned above, the Company Petition shall stand dismissed.

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(iv) In the event there is a single default, then the Company Petition shall stand admitted and made returnable after six weeks from the date of default. In the event of default, the Petitioner is at liberty to move this Court for the purposes of seeking directions for advertisement of the Petition etc.

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5 With these directions, the Company Petition is disposed

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of.

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Pg 3 of 3

M/S. Agarwal Lifters v. Valecha Engineering Ltd. Cin No. L74210MH1977PLC019535

Case brief

What is this about?

What did the court decide?

M/S. Agarwal Lifters v. Valecha Engineering Ltd. Cin No. L74210MH1977PLC019535

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

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