Disposed

Ifgl Refractories Limited Through Its Company Secretary Rajesh Agarwal v. Heavy Engineering Corporation Limited Through Its Managing Director

Jharkhand HC18 Aug 2017C.P./6/2016

Case brief

AI extract

What is this about?

This company petition for winding up based on admitted dues was disposed of after parties reached a mediated settlement. The court ordered the respondent to pay the agreed sum via RTGS/NEFT/Net banking within four weeks.

What did the court decide?

The Company Petition is disposed of with an observation that the agreed amount be paid to the petitioner via RTGS/NEFT/Net banking within four weeks.

Ifgl Refractories Limited Through Its Company… — Company and Corporate | Jharkhand HC (2017)

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IN THE HIGH COURT OF JHARKHAND AT RANCHI Company Petition No. 06 of 2016

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IFGL Refractories Limited -------Petitioner Versus ----Heavy Engineering Corporation Ltd. --- Respondent --CORAM: The Hon’ble Mr. Justice Aparesh Kumar Singh

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For the Petitioner: Mr. Indrajit Sinha, Advocate For the Respondent: Mr. Shrestha Gautam, Advocate

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--Heard counsel for the parties.

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12 / 18.08.2017

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Petitioner preferred this application under sections 433, 434 and 439 of the Companies Act, 1956 for winding up of the Respondent Company, alleging that it had failed to repudiate the acknowledged and admitted dues of the petitioner Company. Consequent thereto, the outstanding admitted dues of the petitioner Company be realized through the proceeds of the sale of the assets and properties of the Respondent Company.

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Parties were referred for exploring chance of amicable settlement through mediation at JHALSA by order dated 26.08.2016. Mediation has been successful, as per the report of Learned Mediator, JHALSA contained in letter no. 1282 dated 01.05.2017 at Flag-V. The terms of the settlement have also been incorporated in the order dated 30.06.2017. Parties have agreed to settle for Rs. 16,37,167/- only in the manner specified in details thereunder as full and final settlement against the claimed amount of Rs. 71,16,243/- only, as on 30.04.2016. The Respondent Company had agreed to provide “C” Forms against the invoices of the date referred therein. Petitioner also undertook not to claim any other amount in future apart from the agreed amount. Petitioner agreed to withdraw case as and when payment is made.

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Matter was adjourned earlier on 30.06.2017 on the request of learned counsel for the HEC to file an affidavit showing compliance on their part, as per the terms and conditions of the settlement. Again on 14.07.2017, time was sought

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by the Respondent's counsel for filing affidavit showing compliance. That is why, matter has been posted today.

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Learned counsel for the Respondent Company submits on instruction today that payment of the agreed amount was made through cheque. However, the petitioner Company has insisted upon payment through RTGS or Net banking mode. Details thereof are being worked out.

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Counsel for the petitioner submits that in view of the settlement arrived at through mediation and the fact that the Respondent have also taken steps towards payment and further in view of the submission of the learned counsel for the Respondent on instruction today, the instant petition can be be disposed of.

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Considered the submissions of the parties in the light of the aforesaid development that has taken place during pendency of the instant petition. In view of the settlement arrived at between the parties and that the Respondent have also taken steps for payment of the agreed amount through cheque earlier and that there is no dispute between the parties, the instant Company petition is disposed of with an observation that agreed amount be paid to the petitioner Company through RTGS/NEFT/Net banking mode within a period of four weeks from the date of receipt of a copy of this order.

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( Aparesh Kumar Singh, J )

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Ranjeet/

Ifgl Refractories Limited Through Its Company Secretary Rajesh Agarwal v. Heavy Engineering Corporation Limited Through Its Managing Director

Case brief

What is this about?

What did the court decide?

Ifgl Refractories Limited Through Its Company Secretary Rajesh Agarwal v. Heavy Engineering Corporation Limited Through Its Managing Director

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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