- (1.) BY way of this application, the applicant seeks recalling of the order dated 04.09.2012 as passed in Company Petition (No. 7/2009) and for revival of the said Company Petition as also for appropriate action against the respondent Company. The relevant background aspects of the matter are that the aforesaid Company Petition was filed by the applicant (hereinafter referred to as 'the petitioner Company') on 29.05.2009 seeking orders for winding up of the non -applicant Company (hereinafter referred to as 'the respondent Company') essentially with the submissions that there was a debt of about Rs. 1,57,38,142.82, which the respondent Company owed to the petitioner Company and had failed to make payment despite demand.
(2.) IN the said Company Petition, appearance was put on behalf of the respondent Company on 28.07.2009. After exchange of the pleadings and documents, the matter was adjourned for quite some time but then, on 17.04.2012, it was given out that the parties were negotiating the matter and there was a likelihood of settlement. Then, on 22.08.2012, it was given out by the learned counsel for the parties that efforts were seriously on to settle the matter and in all likelihood, they would be reaching to a consensus before the next date. It was further submitted on 28.08.2012 that the propositions for settlement had not reached to finality but were likely to be finalised within a week. Thereafter, on 04.09.2012, the proceedings were attended at by the learned counsel representing the parties as also the Senior Manager (Legal) on behalf of the petitioner Company and by the Manager on behalf of the respondent Company. It was given out before the Court that the parties had ultimately arrived at an amicable settlement; and in view of such settlement, the respondent Company would be making payment of the settled amount to the petitioner Company within the agreed time -frame. In view of the submissions so made, the petition seeking winding -up of the respondent Company, on the ground of its inability to pay the debts, was considered redundant and was dismissed as such.
(3.) THE order dated 04.09.2012 in its entirety could be taken note of as under: -;