IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY PETITION No.255 of 2002
--------------------------------------------------------------
KARROX TECHNOLOGIES LTD.
Versus
AZURE TECHNOLOGIES PVT. LTD.
--------------------------------------------------------------
Appearance:
1. COMPANY PETITION No. 255 of 2002
MS MANISHA LAVKUMAR for Petitioner
NANAVATI & NANAVATI for Respondent
--------------------------------------------------------------
CORAM : MR.JUSTICE RAVI R.TRIPATHI
Date of Order: 03/05/2003
ORAL ORDER
1.This petition was admitted on 28th April, 2003
and the order for publication of advertisement was
deferred till today, at the request of Mr.V.K.Bhatt,
learned Advocate for the respondent-Company so as to
enable him to take instructions from his clients for
settlement of the matter.
2.Mr.V.K.Bhatt, learned Advocate for M/s.Nanavati &
Nanavati, submitted that he has received instructions
from his client that his client has successfully
convinced the petitioning creditor and has got agreed him
to accept a sum of Rs.3,90,000=00 as full and final
payment. So far as the mode of payment is concerned,
Mr.Bhatt submitted that his client proposes to pay
Rs.75,000=00 on or before 15th May, 2003 and another
Rs.75,000=00 on or before 15th June, 2003, to which the
learned Advocate for the petitioning creditor has
objection.
3.Taking into consideration the bona fides shown by
the respondent-Company to make the payment, it is deemed
proper to direct the respondent-Company to pay a sum of
Rs.75,000=00 on or before 15th May, 2003 and further
Rs.75,000=00 on or before 15th June, 2003. Order
accordingly. It is clarified that in case the
respondent-Company is not able to come forward with a
reasonable proposal for payment of the balance amount, it
will be open for the petitioning creditor to press for
the publication of advertisement along with interest
aspect.
4.The learned Advocate for the petitioning creditor
submitted that as per the affidavit in reply and
statement annexed thereof, Annexure-B, T.D.S.
certificates to the tune of Rs.14,459=00 have to be
despatched by the respondent-Company to the petitioning
creditor.
5.So far as T.D.S. certificates are concerned, the
learned Advocate for the respondent-Company is directed
to communicate to his clients to despatch the same with
the first payment of Rs.75,000=00, which is to be made on
or before 15th May, 2003.
Matter is ordered to be listed on 20th June,
2003.
(Ravi R. Tripathi, J.)
kamlesh*
