On a report of compromise between the parties after several hearings, the company petition to wind up the respondent for non-payment of debt was closed, and a related application was disposed of as infructuous.
Company petition for winding up is closed upon agreement to pay Rs.45,00,000/- as full and final settlement.
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HON'BLE SRI JUSTICE C.V. NAGARJUNA REDDY C.P.No.169 of 2012
Date : 22-9-2014
Between : M/s. Ashok Polymers Limited, Represented by its Director Mr. Nawal Kishor, Hyderabad .. Petitioner
And
M/s. Andhra Cements Limited, Represented by its Directors, Dachepalli, Guntur District .. Respondent
Counsel for petitioner : Sri S.R. Ashok, Senior Counsel for Sri K. Raji Reddy Counsel for respondent : Sri S.S. Prasad, Senior Counsel for Ch. Ramesh Babu
The Court made the following :
ORDER:
This Company Petition is filed for an order to wind up the respondent for non-payment of the debt due to the petitioner.
After several hearings of the case, the learned Senior Counsel for both sides have reported that the parties have agreed for a compromise.
A representative of the respondent is present in the Court.
It has been finally agreed that the respondent, in full and final settlement of the claim of the petitioner, will pay Rs.45,00,000/- (Rupees forty five lakhs only) to the latter within a period of three weeks from today.
In view of this fair agreement reached between the parties, the Company Petition is closed.
As a sequel to the disposal of the Company Petition, Company Application No.883 of 2014 is disposed of as infructuous.
________________________ Justice C.V. Nagarjuna Reddy
Date: 22-9-2014
AM
M/s. Ashok Polymers Limited
M/s. Andhra Cements Limited
C.V. Nagarjuna Reddy
As recorded by the court registry
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