Allowed

Gritec S N C v. Maxim Tubes Company Pvt. Ltd.

Gujarat HC9 May 2018COMP/250/2013

Case brief

AI extract

What is this about?

This order grants permission to the petitioner to withdraw the winding up petition filed under the Companies Act, 1956. The court records an amicable settlement via consent terms where the petitioner will receive a partial payment installments, reserving the right to revive the petition upon breach.

What did the court decide?

Petitioner granted permission to withdraw Company Petition No. 250 of 2013. Notice discharged. Parties directed to abide by consent terms.

Gritec S N C Vs Maxim Tubes Company Pvt. Ltd. — Company and Corporate | Gujarat HC (2018)

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C/COMP/250/2013 ORDER

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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

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R/COMPANY PETITION NO. 250 of 2013

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GRITEC S N C

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Versus

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MAXIM TUBES COMPANY PVT LTD

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Appearance:

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MR DIGANT M POPAT(5385) for the PETITIONER(s) No. 1 MR.D K.PUJ(3836) for the RESPONDENT(s) No. 1

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CORAM: HONOURABLE MR.JUSTICE C.L. SONI

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Date : 09/05/2018

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ORAL ORDER

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The present petition is filed under Section 433 and 434 of the Companies Act, 1956 seeking winding up of Maxim Tubes Company Pvt.Ltd.- respondent company on the ground that the respondent company is unable to pay its debts to the petitioner.

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At the hearing of the petition, learned advocates appearing for the parties have stated before the Court that the parties have arrived at amicable settlement which is reduced in writing in the form of consent terms. They have tendered the document of consent terms stated to have been duly signed on behalf of the respective party, which is taken on record.

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The consent terms read as under:

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“The Petitioner and the Respondent-Company mutually agrees to amicably settle this matter on the following

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Page 1 of 5

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C/COMP/250/2013 ORDER

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consent terms:

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“1. The Petitioner has filed the Company Petition no.250 of 2013 before this Hon’ble Court against the RespondentCompany for a principal sum of Rs.1,28,459.35/- Euros to the petitioner, which was alleged to have been due and payable on account of commission. On behalf of the respondent company, an affidavit in reply was filed on 17 April, 2015 as well 31 January, 2018, wherein, it has denied its liability and requested this Hon’ble Court to dismiss the above petition. The petition is pending before this Hon’ble Court at the notice stage.

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2. During the pendency of petition, parties have decided to amicably resolve the matter.

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3. Both the parties have agreed at settlement amount of 60,000/- Euros ( in words Sixty Thousand Euros Only). The Respondent-Company will pay 60,000/- Euros to the Petitioner towards full and final settlement of the alleged dues of 1,28,459.35/- stated in the petition. It is further agreed between the parties that the RespondentCompany will pay 60,000/- euros in four equal installments of 15,000/- Euros (in words fifteen thousand only) in following schedule.

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Sr.No.	Payment Date	Payment Amount (In Euros)
1	05/06/18	15,000/-
2	25/08/2018	15,000/-
3	05/11/18	15,000/-
4	20/01/2019	15,000/-
	Total	_60,000/- (In words Sixty Thousand Only) _

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*Note : If any date mentioned falls Sunday, long weekend or Public

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holiday then Payment will done on next working day.

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Page 2 of 5

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C/COMP/250/2013 ORDER

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* Since the payment is through bank in foreign currency, all the dates for above schedule will be +7 days.

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4. It is further agreed between the parties that any charges like documentation charges, bank charges etc. will be borne by petitioner and respondent company both at their respective sides. For instance, the Respondent Company will bear Debit charges and Petitioner will bear Credit charges.

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5. It is further agreed between parties that if there is any change in payment schedule due to unavoidable circumstances, the Respondent Company will inform petitioner will in advance with new date of payment at least 10 days before due date.

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6. The bank account details of the Petitioner are as under: Beneficiary :- Gritec Steel Products and Services s.n.c. Bank Name:- INTESA SANPAOLO FILIALE 00616MILANO 33

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Account No:- 10000 0000 939

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Full IBAN:- IT63 C030 6901 6281 0000 0000 939 BIC/ SWIFT:- BCITITMM

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It is further agreed between parties that if there is any change in petitioner’s bank details e.g. change in bank account number or change in bank etc., petitioner must inform the Respondent Company in writing by email as well registered mail at least 15 days prior to dated mentioned in payment schedule.

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7. That upon signing these consent terms, Petitioner shall withdraw Company Petition No.250 of 2013 subject to the

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Page 3 of 5

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C/COMP/250/2013 ORDER

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condition that Petitioner shall be entitled to recive the Company Petition no.250 of 2013 in case of breach of payment schedule by Respondent Company unless in case of unavoidable circumstances where new date of payment is worked out by consent of both parties.

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8. The Petitioner acknowledges and accepts that the amount of 60,000/- Euros is towards full and final settlement of all th claims raised in Company Petition No.250 of 2013. The Petitioner shall not be entitled to raise any claim, dispute or litigation with respect to claim forming part of the Company Petition No.250 of 2013 before any Court and /or forum including this Hon’ble Court.”

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As stated in clause 7 of the consent terms, upon signing the consent terms, the petitioner shall withdraw the present Company Petition subject to the condition that the petitioner shall be entitled to revive the present petition in case of breach of payment schedule by respondent company unless in case of unavoidable circumstances where new date of payment is worked out by consent of both the parties.

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In view of the above, learned advocate Mr.Popat appearing for the petitioner seeks permission to withdraw the petition. Permission as sought for is granted. The petition stands disposed of as withdrawn. Notice discharged.

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The parties are directed to abide by the consent terms. It is

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C/COMP/250/2013 ORDER

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observed that on breach of the payment schedule for discharge of the outstanding dues as agreed in the consent terms, it will be open to the petitioner to move appropriate application for the revival of the petition.

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(C.L. SONI, J)

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Manshi

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Gritec S N C v. Maxim Tubes Company Pvt. Ltd.

Case brief

What is this about?

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Gritec S N C v. Maxim Tubes Company Pvt. Ltd.

Case brief

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