2017 (8) TMI 1629

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....espondent: Mr. Arif Bookwala, Senior Counsel, a/w Darshit Jain, Lalit Katariya and Ms. Benedicta Lobo i/b. Katariya & Associates ORDER A.K. MENON, J. 1. Mr. Bookwala, the learned Senior Counsel on behalf of the petitioner states that vide order dated 14th August, 2017 this Court has observed that if the matter has been settled as submitted by counsel, the order of admission could be recal....

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....ondent. 4. It appears that vide order dated 17th January, 2017 both appeals were disposed of by a common order. The appeal instituted by the company was dismissed whereas the appeal instituted by the petitioning creditor was allowed and the amount ordered to be deposited was enhanced from Rs. 5.90 crores to Rs. 18 crores. The order of the Division Bench was also called into question in Special ....

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....0,000/- due on 19th April, 2017 was not paid. As a result, the provisions of clause of the Consent terms came into play. It is not in dispute that the default has not been remedied and as a result the petition stands admitted today. 6. The aforesaid facts were not brought to the attention of the Court when the matter was taken on the production board on 14th August, 2017. The respondent company....

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....ted default. This was not remedied immediately but they have been in default since April. Though the Order of this court required the petition to be be advertised the Petitioners have played along and appear to have now arrived at fresh and modified terms. The process is being misused. Given past conduct this renewed attempt at settlement does not appear bonafide. The petition already stands admit....