Permasteelisa (India) Pvt. Ltd. v. Orbit Corporation Limited (Cin L72900mh2000plc124729)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 725 OF 2014 Permasteelisa (India) Private Limited ...

Petitioner

Versus

Orbit Corporation Limited ...

Respondent Mr. Avinash Singh Gautama for the Petitioner. Mr. N. Engineer i/b. Vennu C. Khatri for the Respondent. CORAM : S.J. KATHAWALLA, J.

DATED : 20 TH FEBRUARY, 2015 P.C.

1.

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

i.

The Respondent Company agrees and undertakes to pay an amount of Rs.2.60 Crores to the Petitioner in full and final settlement of the claim of the Petitioner against the Respondent Company. The undertaking is accepted. The said amount of Rs.2.60 Crores shall be paid by the Company to the Petitioner as follows : Rs.1,50,000/- On or before 23rd February, 2015 Rs.29,00,000/- On or before 10th April, 2016 Rs.29,00,000/- On or before 10th May, 2016 Rs.29,00,000/- On or before 10th June, 2016 Rs.29,00,000/- On or before 10th July, 2016

2 / 3 Rs.29,00,000/- On or before 10th August, 2016 Rs.29,00,000/- On or before 10th September, 2016 Rs.29,00,000/- On or before 10th October, 2016 Rs.29,00,000/- On or before 10th November, 2016 Rs.26,50,000/- On or before 10th December, 2016 ii.

The service tax, work contract tax and TDS shall be deducted by the Respondent Company before payment of the aforesaid instalments as undertaken in Clause (i) above.

iii.

The Petitioner undertakes to provide corporate guarantee as per the work orders within a period of two weeks from today. The undertaking is accepted..

iv.

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

v.

The Respondent Company has agreed that in the event of the Respondent Company committing default in payment of the agreed amount, 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

3 / 3 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.

vi.

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