Icici Bank Ltd v. Samtel Avionics And Defences Systems Ltd & ANR

$~80 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ICICI BANK LTD.

..... Petitioner Through:

Ms.Richa Oberoi, Advocate with Mr.Sanjay Sharma, Legal Manager/Power of Attorney Holder of ICICI Bank are in person.

Versus

SAMTEL AVIONICS AND DEFENCES SYSTEMS LTD & ANR ..... Respondents Through:

Ms. Maneesha Dhir, Mr.K.P.S. Kohli and Mr.Milan Singh, Advocates with Mr. Prabhat Nanda, AR in person.

Mr.Manish Kumar and Mr. Piyush Kaushik, Advocate for Superb Electronics.

CORAM:

HON'BLE MR. JUSTICE SUDERSHAN KUMAR MISRA

O R D E R

% 20.07.2016 CA No.2508/2016 This application has been moved by the petitioner seeking amendment of the name of the respondent company from 'SAMTEL AVIONICS AND DEFENCE SYSTEMS LTD.' to 'SAMTEL AVIONICS LIMITED'. Issue notice.

Counsel for the respondent accepts notice and states that he has no objection to the same. Consequently and as prayed, name of the respondent company stands amended accordingly. The amended memo of parties annexed to this application is taken on record.

The application is disposed off.

CA No.2510/2016 & CO.PET. 342/2013 This application has been filed jointly by the parties stating that the matter has been amicably settled in terms of an agreement executed between the parties on 06.06.2016. Copy of the said agreement has also been annexed to this application. The application which is signed by the authorized signatories of the petitioner as well as respondents No. 1 and 2 along with their respective counsel is also supported by appropriate affidavits on behalf of the parties. Mr.Sanjay Sharma, Legal Manager/Power of Attorney Holder of ICICI Bank and Mr. Prabhat Nanda, AR of the respondent company, are also present in Court. Both counsel also approbate the terms and conditions of the said settlement and undertake to this Court on behalf of their respective clients that the parties shall remain bound by the same.

The undertakings on behalf of the parties are accepted by this Court and they shall remain bound by the same. Counsel for the petitioner states that under the circumstances, she does not press this petition any further; whilst reserving the right of the petitioner to initiate any fresh proceedings in case of any breach by the respondent, inter alia, by way of winding up on the grounds stated in the instant petition, as well as any further cause of action that may accrue to the petitioner in this behalf; and to also initiate proceedings in contempt in case the petitioner is so advised. She is permitted to do so.

As prayed by both counsel, hearing of the main petition is preponed and the matter is taken up today itself and the next date of hearing which is 04.08.2016 stands cancelled.

The petition and all pending applications stand disposed of in the above terms.

SUDERSHAN KUMAR MISRA, J.

JULY 20, 2016 sb