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Meeting Ordered at Respondent No.9's Office for Settlement Talks The court ordered a meeting to take place in Bombay at the office of Respondent No.9 on 24th and 25th June 2021, expecting all concerned parties to ...
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Meeting Ordered at Respondent No.9's Office for Settlement Talks
The court ordered a meeting to take place in Bombay at the office of Respondent No.9 on 24th and 25th June 2021, expecting all concerned parties to convene and proceed with the settlement process in line with the court's earlier directives. The court further instructed both parties to submit a report of the meeting for the next hearing scheduled on 1.7.2021, emphasizing the importance of adhering to the spirit of the court's orders. All counsels involved were directed to receive a copy of the report for transparency and information sharing purposes.
Issues Involved: Settlement efforts for dues between parties amidst Covid-19 restrictions.
Analysis: The judgment pertains to a case where the Respondent No.5, Shree Industries Ltd., expressed genuine intention to settle the dues of Respondent No.9, M/s. ASREC (India) Ltd., and other secured creditors as per the court's earlier directions. However, due to the Covid-19 situation and travel restrictions, the settlement efforts could not be fully executed. The counsel for Shree Industries Ltd. requested more time to comply with the directions and produce a report of the settlement efforts made. On the other hand, the counsel for Respondent No.9 suggested fixing a meeting date, time, and venue to solidify the intentions expressed by Shree Industries Ltd. Consequently, the court ordered a meeting to take place in Bombay at the office of Respondent No.9 on 24th and 25th June 2021, expecting all concerned parties to convene and proceed with the settlement process in line with the court's earlier directives. The court further instructed both parties to submit a report of the meeting for the next hearing scheduled on 1.7.2021, emphasizing the importance of adhering to the spirit of the court's orders. Additionally, all counsels involved in the matter were directed to receive a copy of the report submitted to the court for transparency and information sharing purposes.
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