-: 1 :- IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 720 OF 2005 COMPANY PETITION NO. 720 OF 2005 COMPANY PETITION NO. 720 OF 2005 M/s. Pcl Oil & Solvents Ltd., ..Petitioners. V/s. M/s. Cable Corporation of India Ltd. ..Respondents. --- Mr. A.M.Saraogi for the petitioners. Mr. Chandra Naik for the Respondents. ----- CORAM : S.C. DHARMADHIKARI,J. CORAM : S.C. DHARMADHIKARI,J. CORAM : S.C. DHARMADHIKARI,J. DATED : 07TH APRIL, 2006 DATED : 07TH APRIL, 2006 DATED : 07TH APRIL, 2006 PC PC PC : 1. Heard Mr. Saraogi appearing for the Petitioners and Mr. Chandra Naik for the respondents. 2. After this matter was argued for quite some time, the parties agree that the company petition be disposed of in the following terms :- i. The Respondent Company admits that an amount of Rs. 22,20,000/- (Rupees Twenty Two Lacs Twenty thousand only) is due and payable by the Respondent Company to the Petitioners. The Petitioners agree -: 2 :- to accept the said amount of Rs. 22,20,000/- towards satisfaction of their entire claim till day against the respondent company. ii. The Respondent Company agrees to pay to the Petitioners the said dues of Rs. 22,20,000/- in 22 monthly instalments on following terms :- (a) Rs. 1,20,000/- payable on/or before 30th of April, 2006 towards first month instalment. (b) Balance amount of Rs. 21,00,000/- will be payable in equal 21 monthly instalments, each instalment of Rs. 1,00,000/- to be paid on/or before 25th of every month starting from 25th May, 2006. iii. Agreed that in case of any two defaults the above company petition to stand dismissed. iv. In case the company petition being admitted the petitioner to deposit Rs. 2,000/- with the Prothonotary and Senior Master, High Court Bombay within two weeks from such admission. -: 3 :- v. In case of the company petition being admitted, the petitioners to advertise in Free Press Journal, Janmabhoomi, Maharashtra Government Gazette after one week from the date of deposit as per clause- iv above. vi. In case of amount being paid by the Respondents company as per clauses 1 to 3 above, company petition to stand dismissed with no order as to costs. 3. Order in terms of the above terms. 4. All concerned parties including concerned Registrar of Companies to act on the ordinary copy of the order authenticated by the company Registrar, High Court, Bombay. 7.4.2006 (S.C.Dharmadhikari,J) .....