Bombay High CourtCP/120/2015conditional order

M/S Shell Marine Products Singapore A Division Of M/S Shell Eastern Trading (Pte) Ltd v. M/S Pfs Shipping (India ) Limited Cin U61100mh1994plc83429

2016-08-04Hon'Ble Shri Justice B.P. Colabawalla2 pages

6.cp.120.2015.doc dik

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 120 OF 2015 M/s Shell Marine Products Singapore

...Petitioner

vs M/s PFS Shipping (India) Ltd.

...Respondent

.....

Mr D Hafija with Mr Chandrakant Mhadeshwar for the Petitioner Mr Mohankumar K for the Respondent .....

CORAM : B. P. COLABAWALLA J.

AUGUST 04, 2016 P.C. :

After this matter was argued for some time, the parties have agreed that the following order be passed by consent: (i) The Respondent Company owes to the Petitioner an amount of US$ 55,682.06 and interest for the period from 1 April 2014 to 28 July, 2016, at the rate of 6 per cent amounting to US$ 7,780.23;

(ii) The Respondent Company agrees and undertakes and it shall pay the said amount of US$ 63,462.29 in nine equal monthly installments of US$ 7,051.37. The first installment shall be paid on or before 30 August, 2016 and the balance eight installments shall be paid on or before the last date of each subsequent month; Pg 1 of 2

6.cp.120.2015.doc (iii) In addition to this, the Respondent Company agrees and undertakes to pay to the Petitioner the legal costs that have been quantified at US$ 7,444 which shall be paid as the tenth installment;

(iv) In the event of the aforesaid installments are paid on time, this Company Petition shall stand dismissed and the Petitioner shall have no claim against the Respondent Company;

(v) In the event, there are any two defaults or a default in the payment of the last installment, then this Company Petition shall stand revived, admitted and made returnable within six weeks from the date of default. In such an event, the Petitioner is at liberty to apply to this Court for further directions with reference to the advertisement of the Petition etc.

The Company Petition is disposed of in the aforesaid terms with liberty to apply. No order as to costs.

( B. P. COLABAWALLA J. ) Pg 2 of 2