The Hon’ble Sri Justice C.V.Nagarjuna Reddy Company Petition No.97 of 2013
Dated 02.09.2014
Between:
Kotak Mahindra Bank Limited Mumbai …Petitioner And M/s.AMR Constructions Limited, Hyderabad …Respondent Counsel for the petitioner: Mr.R.Raghunandan,
Senior Counsel for Mr.Vinod Kumar
Tadakamalla
Counsel for the respondent: Ms.K.Mamata Choudary The Court made the following:
Order:
This Company Petition is filed for a direction to wind up the respondent- Company for non- payment of the debt due to the petitioner.
At the hearing, learned Counsel for both parties have stated that they have entered into a settlement, as per which the respondent has agreed to pay the entire debt in twelve monthly installments commencing from 19-08-2014.
In the affidavit filed in Company Application No.1035 of 2014, the Managing Director of the respondent- Company, while referring to the said settlement, stated that out of twelve installments, he has paid two installments amounting to Rs.2.7 Crores and that he will adhere to the schedule of payment.
Mr.R.Raghunandan, learned Senior Counsel appearing for Mr.Vinod Kumar Tadakamalla, learned Counsel for the petitioner, has not disputed the fact that settlement has been reached between the parties.
In the light of the above facts, the Company Petition is closed with liberty to the petitioner to seek its revival, in the event of the respondent’s failure to pay the installments as per the schedule fixed under the settlement.
As a sequel, Company Application No.1035 of 2014, filed by the petitioner for interim relief, is disposed of as infructuous.
(C.V.Nagarjuna Reddy, J) Dt: 2nd September, 2014
LUR