TaxTMI 
TaxTMI 
2020 (3) TMI 101
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.... of the Company under the provisions of the Companies Act,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 inabilit....
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....1.2.2019 20,00,000 are being given to the petitioner herein towards full and final settlement of dues of the petitioner company. 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.Abhichandan....
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.... of respondent no.1 Company though had agreed to abide by the undertaking given to this Court, has committed serious breach. Vide order dated 21.03.2018 passed in Company Petition No. 32 of 2015, according 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 a....
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....ollowing order on 21.03.2018 in Company Petition No.32 of 2015: " 4. ... ... ... 5. ... ... ... 6. ... ... ... 7. ... ... ... 8. ... ... ..." 10. After the said order, as the cheques given apropos the undertaking, have been dishonoured and 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. Thi....
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.... bother to bring these details on record and choose not to appear, consequential preventive measures shall require appropriate orders to be passed by this Court on the next date of hearing which shall be 21.08.2019. To be listed in the first 15 matters. " 2. Today, the undertaking has been furnished by the respondent no.3 along with five cheques. The detail of which has been given at paragraph 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....
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....the five cheques tendered before this Court, drawn in the name of Registrar, Gujarat High Court numbered as 903257, 903258, 903260, 903261, 903262 dated 5/10/2019, 5/11/2019, 5/12/2019, 5/01/2020, 5/02/2020 respectively shall be handed over by the Court Master to the Registrar (Judicial). 5.2. The Registrar of this Court shall present each cheque drawn in the name of the Registrar, Gujarat High Court on the specific date mentioned on the installment. 5.3. On presentation, 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 R....