Extension of time under consent terms was granted where the company showed bona fides and sought a revised repayment schedule.

Where consent terms have been incorporated into a court order, the court may enlarge the time for compliance and modify the payment schedule in the interest of justice by exercising its procedural and inherent powers. The document notes that although the payment obligations had not been met, the respondent-company showed bona fides by proposing a revised and accelerated repayment plan. On that basis, the delay in moving the application was condoned and the consent terms were varied to extend the payment dates, with the company receiving relief from immediate admission consequences in the winding-up proceedings.

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Issues: Whether delay in moving the application could be condoned and the payment schedule under the consent terms could be extended and modified in the interests of justice.

Analysis: The payment obligations in the consent terms had not been met, but the respondent-company demonstrated bona fides by seeking to clear the debt through a revised and accelerated schedule. The Court treated the consent terms as having merged in the court order and held that time for payment could be extended under the Court's jurisdiction, including the power to enlarge time where justice so required. The Court also noted the company court's inherent powers and the statutory basis for appropriate procedural relief in the circumstances.

Conclusion: The delay was condoned and the consent terms were modified by extending the dates of payment as sought by the respondent-company.

Final Conclusion: The respondent-company obtained relief from immediate admission consequences in the winding-up proceedings and was permitted to proceed under the rescheduled payment arrangement.

Ratio Decidendi: Where consent terms have been incorporated into a court order, the court may enlarge the time for compliance and modify the schedule in the interest of justice by exercising its procedural and inherent powers.

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