M/s. Triveni Engineering and Industries Limited, v. M/s- Lanco Infratech Limited.

Telangana HC24 Mar 2015CP/226/2014

Case brief

AI extract

What is this about?

The court closed a winding up petition filed under the Companies Act, 1956, upon the petitioner filing an affidavit evidencing a settlement agreement dated 02.03.2015. The agreement acknowledged the debt, and the respondent committed to payment in tranches.

What did the court decide?

Closure of the company petition with liberty to file an application for reopening if the respondent fails to comply.

M/s. Triveni Engineering and Industries Limited, Vs… — Company and Corporate | Telangana HC (2015)

¶1

THE HON’BLE SRI JUSTICE C.V.NAGARJUNA REDDY COMPANY PETITION No.226 of 2014 24.03.2015

¶2

Between:

¶3

M/s.Triveni Engineering & Industries Limited

¶4

…Petitioner

¶5

And

¶6

M/s.Lanco Infratech Limited

¶7

…Respondent

¶8

Counsel for the petitioner: Sri Ch.Pushyam Kiran

¶9

Counsel for respondent: Sri N.V.Shravan Kumar,

¶10

for Sri Challa Gunaranjan

¶11

The Court made the following:

¶12

ORDER:

¶13

This company petition is filed under Sections 433(e), 434(1)(a) and 439 of the Companies Act, 1956, for an order to wind up the

¶14

respondent for non-payment of the debt, allegedly, due to the petitioner.

¶15

On behalf of the petitioner, its Deputy General Manager (Legal), filed an affidavit, dated 09.03.2015, wherein it is, inter alia, mentioned that the petitioner and the respondent have entered into a settlement agreement, dated 02.03.2015, and that in view of the same, the company petition may be closed with liberty to the petitioner to file an application for reopening the same in case the respondent failed to comply with the terms of the settlement agreement. A copy of the settlement agreement is annexed with the affidavit, as per which the respondent has accepted the liability of payment of principal amount of Rs.5,60,00,000/- and an amount of Rs.53,00,000/- towards debit notes, making it a total sum of Rs.6,13,00,000/-. After deducting the amounts already paid from out of the said amount, the respondent has agreed to pay Rs.4,33,00,000/- (Rupees four crores and thirty three lakhs only) in three tranches, commencing from 15.03.2015, in full and final settlement.

¶16

The settlement agreement, dated 02.03.2015, is placed on record and the Company Petition is accordingly closed with liberty to the petitioner in terms of the prayer made.

¶17

As a sequel to closure of the company petition, Company Application Nos.1247, 1248, 1304, 1305 and 1579 of 2014 shall stand disposed of as infructuous.

¶18

__________________________ (C.V.NAGARJUNA REDDY, J)

¶19

24^th March, 2015 GHN

M/s. Triveni Engineering and Industries Limited, v. M/s- Lanco Infratech Limited.

Case brief

What is this about?

What did the court decide?

M/s. Triveni Engineering and Industries Limited, v. M/s- Lanco Infratech Limited.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

The Official Liquidator, Vs DT.01-04-2013 to DT.30-09-2013.

The Official Liquidator, Vs DT.01-04-2013 to DT.30-09-2013.

The Official Liquidator, Vs Industrial Development Bank of India

The Official Liquidator, Vs DT.01-10-2013 to DT.31-03-2014.

The Official Liquidator, Vs DT.01-10-2013 to DT.31-03-2014.

The Official Liquidator, Vs DT.01-10-2013 to DT.31-03-2014.