Allcargo Logistics Limited, v. Lanco Infratech Limited

The Hon'ble Sri Justice C.V.Nagarjuna Reddy Company Petition No.232 of 2013 Dated 10.03.2015 Between:

Allcargo Logistics Limited, Mumbai rep. by its Authorized representative Mr.Rohit M.Bhansali

...Petitioner

and Lanco Infratech Limited Hyderabad

...Respondent

Counsel for the Petitioner: Mr.Kowturu Pawan Kumar Counsel for the respondent: Mr.N.V.Shravan Kumar for Mr.Challa Gunaranjan The Court made the following:

Order:

This Company Petition is filed for ordering winding up of the respondent- Company for nonpayment of the debt due to the petitioner.

The respondent has filed Memo, dated 02-032015, wherein it is stated that during the pendency of this Company Petition, a settlement agreement was entered into between the parties on 18-122013, as per which, the respondent has agreed to pay a sum of Rs.11 Crores in three installments towards discharge of its debt and that having complied with the same, the parties have entered into another settlement agreement, dated 16-102014, as per which the petitioner has agreed to move an application for withdrawal of this Company Petition.

Mr.N.V.Shravan Kumar, learned Counsel representing Mr.Challa Gunaranjan, learned Counsel for the respondent, has submitted that as per the agreement, dated 18-12-2013, the entire sum of Rs.11 Crores was paid to the petitioner on 09.10.2014 and that a memo to this effect was also filed in the Registry on 12-03-2015.

Mr.Kowturu Pavan Kumar, learned Counsel for the petitioner, has admitted that in pursuance of the settlement agreement, dated 18-12-2013, the respondent has paid the entire sum of Rs.11 Crores.

In the light of the above admitted position,

this Company Petition is closed.

As a sequel to closure of the Company Petition, Company Application Nos.1123 and 1124 of 2013 are disposed of as infructuous.

______________________ (C.V.Nagarjuna Reddy, J) Dt: 10th March, 2015 LUR