2018 (8) TMI 2152 - HC - Companies Law

Settlement Reached: Dispute Resolved with Financial Compensation and Property Returned After Petition Withdrawal.

The parties reached a settlement, resulting in the withdrawal of the petition and the recall of the order appointing the OL as Provisional Liquidator. Two ... Seeking permission for withdrawal of petition - Recall of petition admitted - appointment of OL as the Provisional Liquidator - OL states that expenses have been spent on the company on account of security and other expenses - HELD THAT:- The order dated 20.9.2017 is recalled, subject to the respondent paying a sum of Rs.24,00,000/- to the OL. The order appointing the OL as the Provisional Liquidator would stand recalled on payment of the dues of the OL. OL will de-seal the premises which have been sealed by it and hand over the possession to the Authorised Representative of the respondent company on payment of the dues of the OL. Petition is dismissed as withdrawn. Parties have settled; two demand drafts totalling Rs.98,00,000 (Rs.41,65,000 and Rs.56,35,000 dated 23.8.2018) were handed over in full and final settlement. Counsel requested recall of the court's order of 20.09.2017 that had admitted the petition and appointed the Official Liquidator (OL) as Provisional Liquidator. The OL stated expenses of Rs.24,00,000 were incurred for security and other expenses. The court recalled the 20.09.2017 order 'subject to the respondent paying a sum of Rs.24,00,000/- to the OL.' The order appointing the OL as Provisional Liquidator will stand recalled on payment of the OL's dues; the OL 'will de-seal the premises which have been sealed by it and hand over the possession to the Authorised Representative of the respondent company on payment of the dues of the OL.' Respondent to pay OL within eight weeks. Petition dismissed as withdrawn; all pending applications disposed of.