Delhi High Court Modifies Payment Order, Parties Agree to Revised Terms The Delhi High Court granted the petitioner's application seeking a modification of the order for re-schedulement of the third instalment payment. Both ...
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Delhi High Court Modifies Payment Order, Parties Agree to Revised Terms
The Delhi High Court granted the petitioner's application seeking a modification of the order for re-schedulement of the third instalment payment. Both parties agreed upon revised terms and conditions for payment, which were presented in court and accepted by the court. The counsels for both parties undertook to abide by the revised terms and conditions as well as the provisions of the previous order. The court disposed of the application based on the agreed-upon terms and conditions, ordering necessary action to be taken.
Issues involved: Modification of order for re-schedulement of instalment payment.
Summary: The present application before the Delhi High Court was filed by the petitioner seeking a modification of the order dated 24th January, 2013, which disposed of the initial petition. The petitioner specifically sought re-schedulement of the third instalment of Rs. 75 crores, which was not paid on the due date. Revised terms and conditions for the payment of the balance amount were submitted along with the application. Initially, the terms were not acceptable to the respondent, but both parties have now agreed upon revised terms and conditions, which were presented in court and duly signed by the counsels for the parties.
Both the learned counsels for the petitioner and the respondent prayed for the modification of the order in accordance with the revised terms and conditions submitted in court. They also undertook to abide by these terms and conditions as well as the provisions of the previous order dated 24th January, 2013. The promoters of the petitioner company were required to file affidavits/undertakings to confirm their compliance with the revised terms within two weeks.
The court accepted the statements made by the counsels for both parties and held them bound by the same. The application was consequently disposed of based on the agreed-upon terms and conditions presented in court. The court ordered the issuance of the order dasti for necessary action.
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