Wealthtree Advisors Pvt. Ltd. v. B. E. Billimoria And Company Ltd. Cin No. U45200mh1962plc012268

Nitin 1 / 2 902-CP-61-2015

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 61 OF 2015 Wealthtree Advisors Private Limited ...

Petitioner

Versus

B.E. Billimoria & Company Limited ...

Respondent Ms. Iyer i/b. Advaya Legal for the Petitioner. Mr. Dahibawkar i/b. Dahibawkar and Company 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.30 Lacs 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.30 Lacs shall be paid by the Company to the Petitioner in 10 equal instalments of Rs.3 Lacs each starting from 25th February, 2015. The subsequent instalments shall be paid on or before 25th day of succeeding month and the last instalment shall be made on 25th November, 2015. Ten post-dated cheques have been handed over by the Company to the Petitioner.

ii.

Upon payment of the entire amount as undertaken by the

Nitin 2 / 2 902-CP-61-2015 Respondent Company in clause (i) above, the parties shall have no claim against each other.

iii.

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