The court closed a company petition upon the admission of a settlement agreement dated 21-01-2016 reached between the parties. The respondent agreed to adhere to the settlement terms by paying dues within three months.
The Company Petition was closed; the respondent was assured to adhere to the settlement terms.
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THE HON’BLE SRI JUSTICE S.V.BHATT
Company Petition No.321 of 2015
ORDER :
Heard Mr.Srinivas Velgapudi and Mr.M.G.Ramamurthy Reddy for parties.
The learned counsel appearing for the parties submit that on
21-01-2016, the parties to this Company Petition have entered into settlement of the subject dispute and the same is reduced to writing.
Mr.Srinivas Velgapudi further submits that in furtherance of the understanding, the respondent has paid a sum of Rs.4,28,950/(Rupees Four Lakhs Twenty Eight Thousand Nine Hundred and Fifty only) and the balance payable is Rs.4,28,950/(Rupees Four Lakhs Twenty Eight Thousand Nine Hundred and Fifty only) which was agreed to be paid within three months from 21-01-2016.
Having regard to the admitted circumstances, the Company Petition is closed. It is needless to observe that the Company Petition is closed on account of the assurance of Respondent to adhere to the settlement arrived at through Document, dated 21-01-2016 and if the Respondent commits breach thereof, the petitioner is given liberty to pray for recalling this order.
With the above observation, the Company Petition is closed. No order as to costs.
Company Applications, if any, pending in this Company
Petition shall stand disposed of.
______________ S.V. BHATT, J. Date: 09.03.2016 skmr
The Petitioner
The Respondent
S.V. BHATT
As recorded by the court registry
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