Nu-Way Heatransfer Private Limited v. Gactel Turnkey Projects Limited (Cin U40101mh1995plc088439)

Nitin 1 / 2 963-CP-503-2014

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.503 OF 2014 Nu-Way Heat Transfer Private Limited ...

Petitioner

Versus

Gactel Turnkey Projects Limited ...

Respondent Mr. Amir Arsiwala i/b. Mr. Sameer P. Khedekar for the Petitioner. Ms. Deepa Shetty i/b. Mr. Jitendra Shukla for the Respondent. CORAM : S.J. KATHAWALLA, J.

DATED : 23 RD MARCH, 2015 P.C.

1.

Heard the learned Advocates appearing for the parties and the following order is passed by consent :

i.

The Respondent Company admits that an amount of Rs.2,45,85,882/- is due and payable by the Respondent Company to the Petitioner, which shall be paid in full and final settlement of the claim of the Petitioner against the Respondent, as follows : a) Rs.30 Lacs on or before 26th March, 2015 b) The balance amount shall be paid in eight equal monthly installments starting from 25th April, 2015. The last installment shall be paid on or before 25th November, 2015. ii.

Upon payment of the entire amount as undertaken by the Respondent in clause (i) above, the parties shall have no claim against each other.

Nitin 2 / 2 963-CP-503-2014 iii.

The Respondent Company has agreed that in the event of the Respondent Company committing default in payment as undertaken in Clause (i) hereinabove, the Company Petition shall without reference to this Court revive, stand admitted, made returnable within six weeks from the date of default and advertised in two local newspapers i.e. Free Press Journal (in English) and Navshakti (in Marathi) and in the Maharashtra Government Gazette. The Petitioner shall deposit an amount of Rs.10,000/- with the Prothonotary and Senior Master of this Court towards publication charges, within two weeks from the date of default, with intimation to the Company Registrar failing which the Petition shall stand dismissed for non prosecution. In the event of such default the Official Liquidator shall forthwith stand appointed as provisional Liquidator and shall immediately take charge of the records as well as the movable and immovable properties / assets of the Company. Notice under Rule 28 of the Companies (Court) Rules, 1959 shall also stand waived on behalf of the Company.

iv.

The Company Petition is accordingly disposed of. (S.J. KATHAWALLA, J.)