A.J.Polymers Private Limited, v. Righteous Global Logistics
IN THE HIGH COURT OF JUDICATURE OF MADRAS
DATED: 02.03.2015
CORAM:
THE HON'BLE MR. JUSTICE S. MANIKUMAR Company Petition No.99 of 2014 A.J.Polymers Private Limited, No.1F, Industrial Aria, Hootagalli, Mysore - 571 018 Rep. by its Managing Director, Mr.Ashvini Ranjan ... Petitioner Vs.
Righteous Global Logistics Private Limited, (formerly Anchor Airgeo Forwarding Logistics Pvt. Ltd.,) G-245, New No.G-24, II Floor, Angappa Street, Chennai - 600 001.
... Respondent Company Petition filed under Section 433(e), 434 and 439 of the Companies Act 1 of 1956, read with Rule 95 of the Companies Court Rules, 1959, for winding up of the respondent company. For Petitioner : M.V.Swaroop For Respondent : Mr.R.Giridharan
ORDER
Matter was heard. However, on the basis of the joint memo of compromise dated 24.02.2015, duly signed by the parties and their respective counsel, submission has been made that recording the compromise, Company
Petition may be disposed of. Joint Compromise memo shall form part of the record.
2. Joint compromise memo dated 24.02.2015, is extracted hereunder. "JOINT MEMO OF COMPROMISE The Parties abovenamed submit as follows:
1. The present company petition was filed by the Petitioner seeking to wind up the Respondent Company under sections 433 (e), 434 (1) (a) and 434 (1) (b), read with s 433 (f) of the Companies Act, 1956.
2. The Petitioner stated in its petition that, as on the date of the filing of the company petition, a alleged debt of Rs.9,29,981.59 was owed to it by the Respondent Company under a decree dated 2.2.2005 in O.S.No.12 of 2004 of the Additional Civil Judge, Senior Division, Mysore.
3. The Respondent filed a Counter Statement in the petition and contested the petition. After detailed arguments, orders were reserved on 14.10.2014 by his Lordships Hon'ble Justice S.Manikumar.
4. After orders were reserved by the Hon'ble Court, in the interests of settling the matter amicably and for commercial reasons, the Parties have now decided to enter into a compromise on the following terms:
(a) The respondent agrees to pay the petitioner a sum of Rs.7,00,000/- (Rupees Seven Lakhs Only) as a full and final settlement of all of its dues.
(b) Out of the said sum of Rs.7,00,000/- (Rupees seven lakhs only) the Respondent hereby agrees to pay the Petitioner a sum of Rs.1,00,000 (Rupees One Lakh Only) by way of Cheque No.262301 dated 15.02.2015 drawn on Vijaya Bank, Moore Street Branch, Chennai as on the date of this Joint Memo of Compromise;
(c) The respondent shall pay the petitioner the balance sum of Rs.6,00,000/- (Rupees Six Lakhs) by way of 20 equal monthly instalments of Rs.30,000/- each; (d) The Respondent has handed over, on the date of this Joint Memo of Compromise, post-dated cheques for the entire period of 20 months indicated in clause (c) hereinabove. The details of the cheques handed over are as follows.
Month Cheque Drawn on No.
March 2015 262302 Vijaya Bank, Moore Street Branch, Chennai April 2015 262303 Vijaya Bank, Moore Street Branch, Chennai May 2015 262304 Vijaya Bank, Moore Street Branch, Chennai June 2015 262305 Vijaya Bank, Moore Street Branch, Chennai July 2015 262306 Vijaya Bank, Moore Street Branch, Chennai August 2015 262307 Vijaya Bank, Moore Street Branch, Chennai September 2015 262308 Vijaya Bank, Moore Street Branch, Chennai October 2015 262309 Vijaya Bank, Moore Street Branch, Chennai November 2015 262310 Vijaya Bank, Moore Street Branch, Chennai
Month Cheque Drawn on No.
December 2015 262311 Vijaya Bank, Moore Street Branch, Chennai January 2016 262312 Vijaya Bank, Moore Street Branch, Chennai February 2016 262313 Vijaya Bank, Moore Street Branch, Chennai March 2016 262314 Vijaya Bank, Moore Street Branch, Chennai April 2016 262315 Vijaya Bank, Moore Street Branch, Chennai May 2016 262316 Vijaya Bank, Moore Street Branch, Chennai June 2016 262317 Vijaya Bank, Moore Street Branch, Chennai July 2016 262318 Vijaya Bank, Moore Street Branch, Chennai August 2016 262319 Vijaya Bank, Moore Street Branch, Chennai September 2016 262320 Vijaya Bank, Moore Street Branch, Chennai October 2016 262321 Vijaya Bank, Moore Street Branch, Chennai (e) The amounts mentioned in clause (a) and (b) shall be in full and final settlement debt claimed to be due from the Respondent to the Petitioner under decree dated 2.2.
2005 in O.S.No.12 of 2004 on the file of the Second Additional Civil Judge, Senior Division, Mysore, and, subject to the clause below, the Petitioner shall not make any further claims under the decree; (f) If any of the instalments are not paid by the Respondent, or any of the cheques mentioned in clauses (b) or (c) are dishonoured for whatever reaosn, the Petitioner shall have the liberty to revive the present company petition for winding up of the Respondent.
admission of any liability or waiver of any right by either of the Parties.
Dated at Chennai on this 24th day of February 2015"
3. Recording the above, this Company Petition is disposed of, as per the joint compromise memo.
02.03.2015 Index: Yes/No Internet: Yes/No Note to office:
Issue order copy by 03.03.2015 ars
S.MANIKUMAR, J., ars Company Petition No.99 of 2014 02.03.2015