The Hon’ble Sri Justice C.V.Nagarjuna Reddy Company Petition No.203 of 2012
Dated 22.04.2014
Between:
Axis Electrical Components (I) Private Limited, Having their registered office at Axis, House, Plot No.104-Company, Kandivali Industrial Estate, Kandivali (W), MUMBai- 400 067, Rep. by its Managing Director and Authorised Signatory Sri Kanderp Khandwala …Applicant/Petitioner And Gowthami Infratech Pvt. Ltd., Having their regd. Office at 6-3-1109/A/1, 3rd floor, Navabharat Chambers, Somajiguda, Rajbhavan Road, Hyderabad – 500 082 …Respondent Counsel for the Petitioner: Mrs.Padma Sharanappa for Mr. B.Nalini Kumar Counsel for the respondent: Mr.A.Krishnam Raju The Court made the following:
Order:
This Company Petition is filed for an order to wind up the respondent-Company for non-payment of the admitted debt to the petitioner.
Mr.K.Srinivasa Raju, S/o.K.Bangaru Raju, Director of the respondent- Company, has filed an affidavit-cum-undertaking wherein he has undertaken as follows:
“a) A sum of Rs.4,61,518/- is being paid by Cheque No.718307 dated 15-03-2014, drawn on Indian Overseas Bank, favouring the petitioner- Company.
b) A sum of Rs.4,68,980/- will be paid within 30 days from today.
c) A sum of Rs.3,24,544/- will be paid within 60 days from the date of receipt of Form-E1 from the petitioner relating to the transactions taken place between the petitioner and the respondent.”
At the hearing, Sri A.Krishnam Raju, learned Counsel for the respondent, stated that as the petitioner insisted on payment of money through Demand Draft (DD), his client has taken the DD for the sum of Rs.4,61,518/- and that the same is being handed over to Ms.Padma, learned Counsel representing Mr.B.Nalin Kumar, learned Counsel for the petitioner.
The learned Counsel for the petitioner while receiving the DD submitted that the respondent may be directed to pay the amounts mentioned in clauses (b) and (c) supra through DDs only. She further submitted that if the respondent violates either of those two conditions, the petitioner may be given liberty to seek revival of the Company Petition and also file Contempt Case.
The learned Counsel for the respondent agreed for payment of the further amounts through DDs only. He also expressed his willingness to pay the final installment amount within 30 days instead of 60 days as indicated in the affidavit-cum-undertaking.
Both the parties have agreed that the petitioner will handover Form- E1 to the respondent immediately on receipt of the second installment amount.
In the light of the above settlement reached between the parties, the Company Petition is closed with liberty to the petitioner to seek revival of the same and also file Contempt Case in the event of violation of the undertaking given by the respondent.
(C.V. Nagarjuna Reddy, J) 22nd April, 2014
LUR