- (1.) The Petitioner has originally filed the Company Petition against the Respondent before the Hon'ble Bombay High Court for winding up of the Respondent on the ground that the Company is unable to pay an amount of Rs.43,72,825/- (Rupees Forty Three Lakhs Seventy Two Thousand Eight Hundred Twenty Five Only) which is due and payable to Petitioner. The said Company Petition was transferred to NCLT, Mumbai Bench. The Respondent has filed their reply and raised objections. During the pendency of the proceedings before the NCLT, Mumbai Bench, the parties have agreed to settle the entire dispute amicably and thereby have agreed to enter into and file the following Consent Terms: The Respondent shall pay and the Petitioner shall accept a sum of Rs. 43,72,825/- (Rupees Forty Three Lakhs Seventy Two Thousand Eight Hundred Twenty Five Only) as and in full and final settlement of their claim against the Respondent and as made in the aforesaid Petition.
(2.) The Respondent agrees and undertakes to pay to Petitioner the aforesaid sum of Rs, 43,72,825/- (Rupees Forty Three Lakhs Seventy Two Thousand Eight Hundred Twenty Five Only) as mentioned in Clause 1 of this Consent Terms in the following manner: a) Rs.10,00,000/- (Rupees ten lakhs only) at the time of signing the present Consent Terms; b) Rs.5,00,000/- (Rupees five lakhs only) within two (2) weeks from the date of signing the present Consent Terms; c) both the parties agree that within 15 days from the payment of Rs.5,00,000/- (Rupees five lakhs only) , as mentioned in sub clause (b) hereinabove by the Respondent to the Petitioner, both the parties shall complete the joint inspection of the Respondent's pickling plant and execute Minutes of the Meeting. A.) d) both the parties agree that the said joint inspection by the Petitioner and the Respondent of the Respondent's pickling plant shall be conducted to identify the works with respect to the entire plant supplied by the Petitioner under the PO Nos. PKJ 052848-00 and PAJ 051234-00. Pursuant to the joint inspection both the parties shall sign the Minutes of Meeting for which they shall take a reasonable approach, e) at the time of signing the Minutes of the Meeting as stated in sub clause (d) hereinabove, the Respondent shall pay a sum of Rs.7,00,000/-(Rupees seven lakhs only) to the Petitioner; f) the Respondent agrees to pay the balance Rs.21,72,825/- (Rupees Twenty-one Lakhs Seventy Two Thousand Eight Hundred Twenty Five Only) , subject to reconciliation, to the Petitioner as per the terms as mutually agreed by the parties in the Minutes of the Meeting.
(3.) In the event of Respondent Company committing any default in payment of any of the aforesaid payment on their due date set out hereinabove and as per the Minutes of the Meeting, the Company Petition shall be revived and restored in the file of the Hon'ble Tribunal.;