Disposed

Inox India Limited, v. Sew Infrastructure Limited

Telangana HC14 Sept 2015CP/24/2015

Case brief

AI extract

What is this about?

The court disposed of a company petition filed for winding up due to alleged non-payment of debt. The petition was closed as infructuous after both parties confirmed and placed on record a Memorandum of Understanding agreeing to settle the dispute via installment payments.

What did the court decide?

The company petition for winding up and the application for interim relief were disposed of as infructuous.

Inox India Limited, Vs Sew Infrastructure Limited — Insolvency and Bankruptcy | Telangana HC (2015)

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The Hon’ble Sri Justice C.V.Nagarjuna Reddy

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Company Petition No.24 of 2015 Dated 14.09.2015

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Between:

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Inox India Limited rep. by its Vice President- HR Admin & Legal Mr.Sudhir Sethi

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… Petitioner

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and SEW Infrastructure Limited, Hyderbad, rep. by its Managing Director Mr.V.Rajasekhar

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…Respondent

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Counsel for the petitioner: Mr.M.Srinivas Reddy

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Counsel for the respondent: Ms.Avani Reddy for Mr.Avinash Desai

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The Court made the following:

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O r d e r :

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This Company Petition is filed for an order to wind up the respondent- Company for non-payment of the debt due to the petitioner.

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At the hearing, Mr.M.Srinivas Reddy, learned Counsel representing Mr.Sallori Ramesh, learned Counsel for the petitioner, has placed before the

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Court a scanned copy of the Joint Memorandum of Compromise/Settlement, dated 10.09.2015, entered into between both the parties, as per which the has to a sum of respondent agreed pay Rs.2,48,54,374/- to the petitioner in six tranches as agreed in Clause 1 thereof.

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Ms.Avani Reddy, learned Counsel representing Mr.Avinash Desai, learned Counsel for the respondent, has confirmed the authenticity of the scanned copy and also agreed that both the parties have entered into the said Memorandum of as which the Understanding/Settlement per respondent has agreed to settle the dispute by paying the sum of Rs.2,48,54,374/- towards full and final settlement of the petitioner’s claim in six tranches commencing from 30^th September, 2015 and ending with 31^st March, 2016.

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In the light of the above submissions of the learned Counsel for the parties, the scanned copy of Memorandum of Understanding/Settlement, dated 1509-2015, is placed on record and the Company Petition is closed.

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As a sequel to closure of the Company Petition,

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Company Application Nos.82 and 83 of 2015, filed by the petitioner for interim relief, are disposed of as infructuous.

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______________________ (C.V.Nagarjuna Reddy, J)

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Dt: 14^th September, 2015 LUR

Inox India Limited, v. Sew Infrastructure Limited

Case brief

What is this about?

What did the court decide?

Inox India Limited, v. Sew Infrastructure 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

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