PADMAADEVI SUGARS LIMITED Vs. PAHARPUR COOLING TOWERS LTD

JUDGEMENT

(1.) This Original Side Appeal has been filed against the judgment and decree made in C.P.No.142 of 2012, dated 26.06.2014, wherein the learned Single Judge has admitted the Company Petition and appoint a provisional liquidator.

(2.) The appellant took a stand that the amounts due and payable to the respondent has already been paid. Even during the pendency of the case, this Court passed an order on 20.09.2014, granting stay of the operation of the impugned judgment and decree, on the condition that the appellant pays a sum of Rs. 20 lakhs within two weeks. The appellant complied with the said order and paid a sum of Rs. 20 lakhs to the respondent.

(3.) When the matter came up for final hearing, it was suggested that the parties can arrived at a compromise by fixing a reasonable amount payable by the appellant to the respondent. The appellant agreed to pay a sum of Rs. 10 lakhs to the respondent, and the respondent also agreed to receive the amount in full quits. The appellant was directed to file a memo in this regard.