1. Present Company Petition has been preferred by the petitioner under Section 433 read with Section 434 of the Companies Act for an appropriate order to wind up respondent Company.
2. Today when the petition is taken for hearing, Mr.Godiawala, learned Advocate for the petitioner and Mr.G.M.Joshi, learned Advocate for the respondent have jointly submitted consent terms arrived between the petitioner and the respondent by which respondent Company has agreed to pay a sum of Rs.2,50,000/- towards full and final settlement and claim of the petitioner. It is submitted that aforesaid amount is agreed to be paid by respondent Company to the petitioner by three installments for which three cheques as mentioned in para 4 of the consent terms have been given to the learned Advocate for the petitioner. It is submitted that a separate Undertaking affirmed by one Mahendra Shah, Executive Director of respondent Company is also produced on record undertaking that as and when aforesaid cheques are deposited with the Bank, they shall be cleared and honoured. Consent terms arrived between the petitioner and the respondent and Undertaking filed on behalf of the respondent Company are directed to be taken on record. Parties are directed to act as per consent terms.
3. In view of above, Mr.Godiawala, learned Advocate for the petitioner does not press present petition. Accordingly, present petition is dismissed as withdrawn. Notice discharged. No costs.
[M.R.Shah,J.] satish Top
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