M/S Sanghi Spinners India Ltd., vs Vee Bee Industries
2022 Latest Caselaw 5619 Tel

           THE HON'BLE SRI JUSTICE T. VINOD KUMAR
                             AND
           THE HON'BLE SRI JUSTICE PULLA KARTHIK

                         O.S.A.No.10 of 2013

JUDGMENT:(per Hon'ble Sri Justice T.Vinod Kumar)


       This OSA is filed against the order of the Company Court in

C.P.No.64 of 2001 dt.26.12.2012, whereby, this Court had admitted

the company petition and ordered winding up of the respondent

company for its inability to pay the admitted debts due to the

petitioner therein.

2. The appellant herein is the respondent in C.P.No.64 of 2001.

This Court, by order dt.22.02.2013, while admitting the appeal,

granted interim suspension, subject to the appellant herein and

respondent in CP, making a payment of Rs.10,00,000/-.

3. Sri C.Raghu, learned Senior Counsel, appearing on behalf of the

learned counsel for the appellant, submits that during the pendency of

the present OSA, a settlement has been arrived at between the

petitioner and the respondent company in CP No.64 of 2001 and the

terms of settlement has been reduced into writing under a

Memorandum of Understanding dt.18.10.2022.

4. Learned counsel appearing on behalf of the respondent herein

admitted to the settlement arrived at between the parties.

5. Having regard to the submissions made and considering the fact

that the amounts claimed as due and payable having been paid by the

appellant herein in terms of the MOU, the claim of the petitioner in the

CP of the respondent company's inability to pay the admitted debt,

ceased to exist.

6. In view of the same, the order of the Company Court in

C.P.No.64 of 2001 dt.26.12.2012 is hereby set aside and OSA is

disposed of as per terms recorded as above. Consequently, C.P.No.64

of 2001 on the file of this Court also stands dismissed.

7. Registry is directed to give effect to the order in company

petition also.

8. Miscellaneous petitions, if any, pending in this OSA shall stand

closed. No order as to costs.

__________________ T. VINOD KUMAR, J

Date:03.11.2022 _________________ PULLA KARTHIK, J Note:

Registry is directed to give effect to the Order in company petition also.

(B/o) GJ

THE HON'BLE SRI JUSTICE T. VINOD KUMAR AND THE HON'BLE SRI JUSTICE PULLA KARTHIK

O.S.A.No.18 of 2013 (per Hon'ble Sri Justice T.Vinod Kumar)

03.11.2022

GJ