https://www.taxtmi.com/caselaws?id=459983 In a winding up petition based on inability to pay admitted debts, the Court accepted the compromise only to the extent it reflected a lawful settlement of the parties' disputes, including payment terms, premises vacating, security deposit retention, and outstanding dues. The clause providing for automatic admission or reinstatement of the company petition on breach of the settlement was held impermissible in law and rejected. The compromise was recorded, the petition was disposed of on that basis, and the petitioner was left at liberty to revive the company petition if the respondent failed to comply with the settlement terms. en-us Fri, 19 Aug 2011 00:00:00 +0530 Tue, 07 Jan 2025 18:41:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459983 In a winding up petition based on inability to pay admitted debts, the Court accepted the compromise only to the extent it reflected a lawful settlement of the parties' disputes, including payment terms, premises vacating, security deposit retention, and outstanding dues. The clause providing for automatic admission or reinstatement of the company petition on breach of the settlement was held impermissible in law and rejected. The compromise was recorded, the petition was disposed of on that basis, and the petitioner was left at liberty to revive the company petition if the respondent failed to comply with the settlement terms. Case-Laws Companies Law Fri, 19 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459983