GRAUER & WEIL (INDIA) LTD Vs. ISMT LIMITED

JUDGEMENT

(1.) The Petitioner has originally filed the Company Petition against the Respondent before the Hon'ble Bombay High Court for winding up of the Respondent on the ground that the Company is unable to pay an amount of Rs.43,72,825/- (Rupees Forty Three Lakhs Seventy Two Thousand Eight Hundred Twenty Five Only) which is due and payable to Petitioner. The said Company Petition was transferred to NCLT, Mumbai Bench. The Respondent has filed their reply and raised objections. During the pendency of the proceedings before the NCLT, Mumbai Bench, the parties have agreed to settle the entire dispute amicably and thereby have agreed to enter into and file the following Consent Terms:

(2.) The Respondent agrees and undertakes to pay to Petitioner the aforesaid sum of Rs, 43,72,825/- (Rupees Forty Three Lakhs Seventy Two Thousand Eight Hundred Twenty Five Only) as mentioned in Clause 1 of this Consent Terms in the following manner:

(3.) In the event of Respondent Company committing any default in payment of any of the aforesaid payment on their due date set out hereinabove and as per the Minutes of the Meeting, the Company Petition shall be revived and restored in the file of the Hon'ble Tribunal.