https://www.taxtmi.com/caselaws?id=106484 A court-recorded compromise was held valid and enforceable despite the absence of prior exchange-control permission because the payment obligation was expressly made subject to Reserve Bank approval or another lawful mode, and later permission was in fact granted. The arrangement was not contrary to public policy or the exchange-control framework. Where the earlier order dismissing the company petition had become final and reserved liberty to revive it on default, revival was also held permissible. The court may use its inherent powers to prevent abuse of process and secure the ends of justice when a party defaults on a binding compromise. en-us Fri, 23 Aug 2002 00:00:00 +0530 Wed, 14 Mar 2012 13:45:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106484 A court-recorded compromise was held valid and enforceable despite the absence of prior exchange-control permission because the payment obligation was expressly made subject to Reserve Bank approval or another lawful mode, and later permission was in fact granted. The arrangement was not contrary to public policy or the exchange-control framework. Where the earlier order dismissing the company petition had become final and reserved liberty to revive it on default, revival was also held permissible. The court may use its inherent powers to prevent abuse of process and secure the ends of justice when a party defaults on a binding compromise. Case-Laws Companies Law Fri, 23 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106484