2015 (10) TMI 2665

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....TLEMENT The petitioners and the respondent jointly have settled their disputes amicably on the following terms and conditions. 1. The aforesaid petition had been filed by the petitioners under Section 433(e) & (1) read with Sections 434 and 439 (1) of the Companies Act, 1956.  The said petition was taken up for hearing before this Hon'ble Court on 10.08.2015 and this Hon'ble Court was pleased to pass an order admitting the company petition and appointed the Official Liquidator as the Provisional Liquidator for the respondent company under the companies Act, 1956. 2.  That the respondent herein subsequently appeared and filed C.A.No.967 & 968 of 2015 to set aside the ex parte order dated 10.08.201....

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....bsp; c) The respondent hereby acknowledges the said amount and undertakes to pay the said amount as per schedule of payment given hereunder:- October, 2015 Rs.35,00,000/-(Rupees thirty  five lacs) November,2015 Rs.50,00,000/-(Rupees fifty lacs) December, 2015  Rs.80,00,000/-(Rupees eighty lacs) January, 2016 Rs.85,00,000/-(Rupees eighty five lacs) February, 2016 Rs.60,00,000/-(Rupees sixty lacs) March, 2016 Rs.70,00,000/-(Rupees seventy lacs) April, 2016 Rs.70,00,000/-(Rupees seventy lacs)     4. The petitioner has agreed to accept the amount of Rs. 4,50 crores towards full and final settlement subject to the respondent undertaking to pay the said amount as p....

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....get the attachment vacated and the suit filed before the Delhi High Court withdrawn once the respondent makes the payment to the petitioner as per the schedule agreed above. 6.  That the respondent, in furtherance to the schedule of payment given herein above, have issued the following post dated cheques in favour of the petitioner. Sl.No Cheque No Payee Amount Cheque Date 1 192381 G.L.Jain 35,00,000 31,OCt-15 2 192382 S.K.Jain 50,00,000 30,Nov-15 3 192383 G.L.Jain 55,00,000 31,Dec-15 4 192384 S.K.Jain 25,00,000 31,Dec-15 5 192385 G.L.Jain 42,50,000 30,Jan-16 6 192386 S.K.Jain 42,50,000 30,Jan-16 7 192387 G.L.Jain ....