The petition for winding up of the respondent company, based on inability to pay debt, was declared infructuous due to a settlement affidavit filed by the respondent with a repayment schedule acceptable to the petitioner.
The petition declared infructuous; direction to respondent to make due payment as per undertaking in affidavit and schedule.
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CP No.117 of 2011 (O&M) Date of Decision: 16.08.2013 ****
Amrit Banaspati Co.Ltd.
. . . . Petitioner
VS.
ABC Papers Ltd. . . . . Respondent
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Present: Mr. Ashok Aggarwal, Senior Advocate with
Mr. Kamal Budhiraja, Advocate and Mr. Amit Aggarwal, Advocate for the petitioner
Ms. Munisha Gandhi, Advocate for the respondent
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(1). This petition under Section 433(E)&(F), 434(1)(A) of the Companies Act, 1956 (in short, ‘the Act’) read with Rule 9 of the Companies (Court) Rules, 1959 seeks winding up of the respondentCompany on the plea of latter’s inability to discharge the admitted debt liability.
(2). Counsel for the respondent has today filed an affidavit of settlement dated 16.08.2013 in terms of the order date July 11, 2013 along with schedule of payment (Annexure R/A) and the interest to be paid on the reducing balance. Para 3 of the said affidavit reads is to the following effect:-
“That in pursuance to the above order the respondent company has re-scheduled the re-payment and a revised schedule of repayment is annexed herewith as
Vishal V 2013.09.23 14:25 I attest to the accuracy and integrity of this document
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Annexure R/A. The said schedule envisages repayment bi-monthly with the same amount and the entire amount would stand repaid by February, 2016. Interest would continue to be paid upon the reducing balance till the final instalment.”
(3). Learned counsel for the petitioner states that subject to adherence of the undertaking given by the respondent-company in para 3 of the aforesaid affidavit read with schedule (Annexure R/A), the same is acceptable to the petitioner.
(4). The petition is accordingly disposed of, at this stage as infructuous with a direction that the respondent shall make the due payment as per its undertaking given in para 3 of the affidavit read with Schedule (Annexure R/A).
(5). Disposed of. Dasti .
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Vishal V 2013.09.23 14:25 I attest to the accuracy and integrity of this document
2 provisions across 2 enactments
Amrit Banaspati Co.Ltd.
ABC Papers Ltd.
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
