TaxTMI 
TaxTMI 
2020 (3) TMI 101
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....,1956; (D) Pending the hearing and final disposal of this petition, the Official Liquidator attached to this Hon'ble Court or any other person be appointed as Provisional Liquidator of the Company for taking the inventory of the assets and properties of the Company and to exercise all powers under the Companies Act,1956. (E) Your Lordships be pleased to restrain the respondent company by itself, its servants, and agents be restrained by an order and injunction of this Hon'ble Court from in any manner alienating, encumbering, transferring, creating third party rights or selling or disposing of or in any manner parting with possession of any of its assets or properties or dealing with the properties or any of its assets; (F) Your Lordships be pleased to award the cost of this petition to the petitioner;" 3. This Company Petition came to be admitted by coordinate bench of this Court (Coram: Hon'ble Mr.Justice R.M.Chhaya) on 28/08/2017 and passed the following order: "Considering the circumstances, prima facie, this Court is of the opinion that the respondent-Company has acquired inability to pay. Hence, ADMIT. The order of advertisement is deferred. S.O. to 9.10....
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.... 3. On payment of the outstanding amount by the above said installments, it would be encumbant on the petitioner company to withdraw the criminal case No.1843 of 2015 filed under Section 138 of N.I. Act and pending in the court of Metropolitan Magistrate (N.I. Act, Cases) court NO.30, at Ghee Kanta, Ahmedabad after entire payment of Rs. 90 Lacs is cleared. On assurance by the petitioner company to withdraw said criminal Cases settlement is arrived at between the parties. 4. I understand that flouting of undertaking amounts to contempt of court and is punishable and further it would also amount to fraud with court and petitioner." 5. Learned advocate Mr.Jasani states that he has today handed over nine postdated cheques, details of which are given in the undertaking for payment of the agreed amount to the petitioner in eight installments. 6. Learned advocate Mr.Abhichandani confirms that he has today received the nine postdated cheques from learned advocate Mr.Jasani. 7. Learned advocate Mr.Abhichandani for the petitioner states that in view of the settlement reached between the parties and in view of the undertaking given by the Managing Director of the respondent No.1 -....
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....cording to the petitioner, an opportunity was given to the applicant - original petitioner to make appropriate application for reviving the petition, in the event of any breach of the terms of undertaking or dishonour of the cheque. 4. According to the applicant-petitioner, on 21.03.2018, it was informed that the original respondent no.2 has passed away. The details of which had not been made available to the applicant. The request was made to grant permission to delete the name of respondent no. 3 in the main proceedings. 5. The prayers sought for are as follows: "(A) This Hon'ble Court may be pleased to admit and allow this application. (B)This Hon'ble Court may be pleased to pass suitable orders ordering that the Company Petition No.32/2015 stands revived and restored to the file along with all orders as were passed therein. (C) Such other and further orders as this Hon'ble Court may deem just, fit and expedient be passed in favour of the applicant. (D) Costs of this application be provided for to the applicant." 6. An unconditional apology also has been tendered by the respondent no.3 urging, inter alia, that the respondent company was ready and willing to ....
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....during the pendency of this application also once again five cheques were tendered, drawn in the name of the Registrar, Gujarat High Court. This Court on 18.09.2019 passed the following order: " 1. This Court on 19.08.2019 passed the following order: " 1. This Court on 05.07.2019 passed the following order: " 1. This is an application seeking the following prayers: "(A)This Hon'ble Court may be pleased to admit and allow this application; (B) This Hon'ble Court may be pleased to pass suitable orders ordering that the Company Petition No.32/2015 stands revived and restored to the file along with all orders as were passed therein; (C) Such other and further orders as this Hon'ble Court may deem just, fit and expedite be passed in favour of the applicant; (D) Costs of this application be provided for to the applicant." 2. This Court has heard learned advocate Mr. C.R.Abhichandani for the applicant and learned advocate Mr.P.T.Jasani for the respondents. 3. Mr.P.T.Jasani, learned advocate ensures to file the reply to this application. He also further ensures to give details of schedule as to how the respondents propose to pay the amount which had been agreed t....
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.... 2 of the said undertaking. It would be apt to reproduce the relevant paragraphs for the purpose of future reference: "( 2) As the Respondent no.3 herein honestly was intending to settle with the Applicant after filing of Company Application No. 12 of 2019 & hence the Respondent no.3 herein had personally met chairman Kamlesh Patel and M.D. (Exports) Girish Patel of the Applicant company & had requested to accept payment by installments and even though chairman had proposed higher installments but the Respondent no.3 herein could pay as per following installments and it was suggested now to pay by cheques in the name of the Registrar, Gujarat High Court and the Respondent no.3 herein has already paid First installment of Rs. 15,00,000/on 5/9/2019 & ready & willing to pay by following 5 cheques of Rs. 15,00,000/( rupees fifteen lacs only) in the name of Registrar of Gujarat High Court. Sr. No. Cheque Amounts Date of cheque 1 903257 15,00,000/- 05/10/19 2 903258 15,00,000/- 05/11/19 3 903260 15,00,000/- 05/12/19 4 903261 15,00,000/- 05/01/20 5 903262 15,00,000/- 05/02/20 by above cheque payment of Rs. 70,00,000/would be paid. The R....
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...., once the amount is realized, the same shall be remitted in the account of the applicant - Asian Granito India Limited within one week of receipt of such amount in the account of the Registrar of this Court.The official account detail and email address of the applicant shall remain as follows: email: legal@ aglasiangranito.com Account Detail:State Bank of India A/C No.:00000010301048175 Branch:Commercial Branch, Ahmedabad IFS Code:SBIN0006926 MICR Code:380002065 5.4. Any change in these details shall be intimated by the applicant to the Court by moving an appropriate application. 5.5. The said amount shall be remitted by the Registrar within 10 days of the realization of the cheque and in the event of any default or dishonour of the cheque, the registry shall intimate the applicant or to its learned advocate Mr.C.R.Abichandani by way of an email or by a written communication intimating the detail of dishonour within 10 days of such dishonour. It shall also apprise the Court and shall seek direction against the respondent in the event of dishonour.. 6. On receipt on any notice of default or dishonour from the Registry of this Court, the applicant shall be....