Disposed

Sri Ramachandra Fuels v. M/s.Mohan Breweries and

Madras HC18 Jul 2016CP/475/2015

Case brief

AI extract

What is this about?

The court disposed of a winding up petition on agreed terms where the respondent agreed to pay the debt in installments gradually, with a provision to revive the petition upon breach of terms.

What did the court decide?

Petition disposed on terms: Respondent to pay Rs.10,52,340/- plus 6% interest in 5 monthly installments; Director to file undertaking; liberty to revive petition on breach.

Sri Ramachandra Fuels Vs M/s.Mohan Breweries and — Company and Corporate | Madras HC (2016)

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

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DATED : 18.07.2016

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CORAM:

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THE HONOURABLE MR. JUSTICE RAJIV SHAKDHER

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C.P.No.475 of 2015

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Sri Rmachandra Fuels Represented by its Sole Proprietor Mr.A.V.Ramachandran Ayyapanthangal Chennai -600 056 Tamil Nadu

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.... Petitioner

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..Vs..

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M/s. Mohan Breweries and Distilleries Ltd. having its registered office at No.112 Madurai MeenakshiNagar, Valasaravakkam Chennai - 600 087

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.... Respondent

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Petition filed under Sections 433 (e) and (f) 434 (1) (a) and 439 of the Companies Act, Act 1 of 1956, for winding up

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of the respondent company.

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For Petitioner : Mr.Narendran For Respondent : Mr.V.Karunakaran

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O R D E R

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After some arguments, learned counsel for the parties

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agree that the captioned petition can be disposed of on the following terms:

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(i) The respondent company shall pay a total sum of

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Rs.10,52,340/- along with interest at the rate of 6% p.a. towards full and final settlement of the claim raised in the instant petition.

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(ii). That interest at the rate of 6% p.a will run on the balance outstanding with effect from 10.6.2016. Accordingly, interest in the first instance will be calculated on a sum of Rs.10,52,340/- and, thereafter, based on a reducing balance method.

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(iii). The Principal sum of Rs.10,52,340/- along with interest will be paid in five (5) monthly instalments, commencing from October 2016.

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(iv).The 1^st installment will be paid on or before 07.10.2016.

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(v). The subsequent four installments will be paid on or before 7^th day of each succeeding calendar month.

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(vi). The last installment will be paid on or before

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07.02.2017.

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(vii). The Director of the respondent company will file an undertaking in the form of an affidavit with this Court, stating therein that the aforesaid terms will be scrupulously adhered to. The said affidavit will be filed within seven (7) days from the date of receipt of a copy of this order.

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(viii). In case, there is any breach committed by the respondent, the petitioner will have liberty to revive the instant petition, and also to take recourse to any other remedy that may be available in law. Due adjustment will though be made for amounts, if any, received under the instant agreement.

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As agreed, the captioned petition is disposed of on the

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aforesaid terms.

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18.07.2016

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Index : Yes/No Internet : Yes/No ga

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RAJIV SHAKDHER, J.

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C.P.No.475 of 2015

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18.07.2016

Sri Ramachandra Fuels v. M/s.Mohan Breweries and

Case brief

What is this about?

What did the court decide?

Sri Ramachandra Fuels v. M/s.Mohan Breweries and

Case brief

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What the court decided

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