SYNBIOTICS LIMITED Vs. MEDI PHARMA DRUG HOUSE

JUDGEMENT

(1.) O.J.Misc. Civil Application No.24 of 2007 is filed by the applicant Company original respondent against whom winding up proceedings are initiated by respondent herein original petitioner Creditor to condone delay in filing present review application and to review the order of admission dated 09.10.2006 passed in Company Petition No.141 of 2006 by recalling the same.

(2.) Mr.Chatrapati, learned Advocate appearing on behalf of the applicant has submitted that apart from the fact that at the relevant time when the aforesaid Company Petition No.141 of 2006 was admitted and admission was advertised in two local newspapers, the applicant Company was before BIFR and in view of Section 22 of SICA Act, aforesaid Company Petition could not have been admitted, the parties have settled the dispute out of Court and consent terms is placed on record.

(3.) Mr.Mehta, learned Advocate appearing on behalf of the respondent herein original petitioner submitted that in view of consent terms, even the original petitioner would like to withdraw the main Company Petition No.141 of 2006. It appears from the record that pursuant to the admission being advertised in two local newspaper pursuant to the order dated 09.10.2006, one Paras Enterprises has submitted an affidavit in support of the original petition and it is reported that the applicant has also settled the dispute with said Paras Enterprises. Separate consent terms between the applicant and Paras Enterprises is also placed on record.