1. This petition under Sections 433 and 434 of the Companies Act, 1956 has been filed by the petitioner N Desai Papers Private Ltd. seeking winding up of the respondent Company Shree Hari Graphics Private Ltd.
2. Notice was issued by this Court on 18-4-2012. On 31-7-2012 when the petition was listed, the endorsement on the board indicated that the respondent has been served but none appeared on its behalf on that day. However, Ms. Vaibavi K.Parikh, learned counsel for the petitioner has submitted that an agreement has been arrived at between the parties who have jointly drawn up Consent Terms that have been signed by the petitioner Company and the respondent. However, as the respondent had not put in an appearance before the Court on that day and as it was not possible to verify whether a settlement has been arrived at, the petition was directed to be listed on 7-8-2012.
3. Today, when the petition is taken up, Shri Niket Banka, a Director of the respondent Company who is present in person confirms that the parties have arrived at a settlement that has been reduced to writing as Consent Terms, and singed by the Directors of the petitioner Company and the respondent Company, as also by the learned counsel for the petitioner.
4. The learned counsel for the petitioner has submitted a copy of the Consent Terms dated 27-7-2012, that are taken on record.
5. It is submitted by the learned counsel for the petitioner and Shri Niket Banka, that the parties shall abide by the Consent Terms and the petition may be disposed of, in view of the said Consent Terms.
6. Accordingly, the following order is passed:
The petition is disposed of, in view of the Consent Terms dated 27-7-2012, arrived at between the parties. In case of failure of the respondent Company to abide by the Consent Terms, liberty is granted to the petitioner to revive the petition.
7. Subject to the above, the petition stands disposed of.
(Smt.Abhilasha Kumari,J) arg