Sunil Ambwani, J. - (1.) HEARD Shri Jitendra Sethi and Shri Pushkar Mehrotra for Willard India Ltd. (In Liq.). Shri Vipin Sinha appears for Punjab National Bank. Shri Amit Jetly holding brief of Shri Piyush Agrawal appears for Hindustan Composite Ltd., Malanpur Steels Ltd. and Rasoi Ltd. Shri Ravi Prakash Srivastava appears for Hindustan Sanitary Ware and Industries Ltd. Shri Rajnath N. Shukla appears for the Official Liquidator.
(2.) WILLARD India Ltd., a public limited company registered under the Companies Act was wound up by this Court on 1 -10 -2007. The applications were filed on 11 -10 -2007 in Company Petition Nos. 115 of 1997, 13 of 2002, 4 of 2005 and 8 of 2006 for recalling the winding up order. On 1 -11 -2007 Shri Jitendra Sethi appearing for the respondent -company (In Liq.) filed affidavit annexing therewith settlement with the Punjab National Bank (The Punjab National Bank Capital Services Ltd. has integrated back and merged with the Punjab National Bank). A compromise with Malanpur Steels Ltd. (the objector to the scheme of restructuring of debts) was also proposed. The Court found that there are elements of settlement between the parties and while referring the matter to the 'Allahabad High Court Mediation & Conciliation Centre', to find out possible settlement with Hindustan Composite Ltd.; Malanpur Steels Ltd.; Rasoi Ltd. and Hindustan Sanitary Ware and Industries Ltd., the matter was adjourned to 5 -1 -2008. It may be recalled that at the time of reference, the respondent -company had brought proposal for settlement along with cheques of Rs. 35.50 lakhs dated 26 -11 -2007 in favour of M/s. Hindustan Composite Ltd. and Rs. 17.50 lakhs in favour of M/s. Hindustan Sanitary Ware and Industries Ltd. towards principal amount. These cheques were accepted by their counsels without prejudice to their rights to settle the amount of interest.
(3.) TODAY Shri Jitendra Sethi and Shri Pushkar Mehrotra appearing for the respondent -company have filed an application supported by affidavit of Shri Yogesh Kumar Chauhan, Company Secretary, of the respondent -company (In Liq.) stating that they have also entered into compromise with Malanpur Steels Ltd., Hindustan Sanitary Ware and Industries Ltd., Hindustan Composite Ltd. and; Rasoi Ltd. The copies of the compromise agreement and no dues certificate have been annexed to the application. Shri Amit Jetly holding brief of Shri Piyush Agrawal appears for Hindustan Composite Ltd., Malanpur Steels. Ltd. and Rasoi Ltd., and Shri Ravi Prakash Srivastava appears for Hindustan Sanitary Ware and Industries Ltd. have agreed and confirmed that the companies represented by them have entered into settlement and since all their disputes and differences have been settled, they have agreed to withdraw all the proceedings against the respondent -company.;