1 mgj IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Company Petition No.926 of 2008 Narendra Kumar Sarawgi ..Petitioner vs. Chetas Control Systems Pvt. Ltd. ..Respondent Mr.J.P.Sen with Mr.Devasis Mitra, and Mr.Rajeev Kumar Jain i/b Legal Assistance for petitioner Mr.Shrikrishna R.lGanavale for respondent. CORAM: S.J.KATHAWALLA J. 15th October, 2009 P.C. 1 In the above company petition the following order is passed by consent of the parties. i) The respondent company has already submitted a Bank Guarantee issued by the Bank of India to the tune of Rs.20,00,000/- in favour of the Prothonotary and Senior Master as directed by this Court by its earlier order. The respondent submits that in the 2 event of the plaintiff filing a suit in respect of the amount claimed in the petition within the period stipulated hereunder, the said Bank Guarantee already submitted be treated as a Bank guarantee furnished by the respondent in the said suit filed by the petitioner. The Bank Guarantee already submitted is for a period of one year and shall be renewed every year by the respondent company until the hearing and final disposal of the suit and the orders passed therein by the appropriate Court. ii) Over and above the said Bank Guarantee the respondent company shall deposit an amount of Rs.15,00,000/- within a period of six weeks from today with the Prothonotary and Senior Master and forthwith inform the petitioners in writing that the said amount is deposited with the Prothonotary and Senior Master. iii) The petitioner shall within a period 3 of one week thereafter file a suit before the appropriate Court and furnish particulars of the suit to the respondent as well as the Prothonotary and Senior Master, High Court, Bombay. iv) If the suit filed by the plaintiff is in some other Court and not before this Court, the Prothonotary and Senior Master shall transfer the said amount of Rs. 15,00,000/- to the Court before which the suit is filed by the petitioner and the said Court shall retain the said amount of Rs. 15,00,000/- in the suit account until the suit is heard and disposed of. v) The Bank Guarantee of Rs.20,00,000/- shall also be renewed by the respondent company in favour of the Registrar of the Court before which the suit has been filed by the petitioner as provided in clause (i) above. vi) Both the parties shall be at liberty 4 to take out appropriate proceedings seeking ad-interim/interim relief in the suit filed by the petitioner. viii) Parties shall also be at liberty to obtain directions from the appropriate Court for investment of the said amount of Rs. 15,00,000/- deposited by the respondent company. ix) All rights and contentions of the parties are kept open. x) In the event of the respondent company not depositing the said amount of Rs. 15,00,000/- within six weeks from today or failing to renew the Bank Guarantee from time to time as set out in clause (i) above the petition shall stand revived and shall stand admitted without reference to this Court. The petitioner shall thereafter advertise the petition in two local newspapers, namely, Free Press Journal , and Maharashtra Times and in the Maharashtra Government Gazette. 5 The petitioner shall deposit an amount of Rs. 10,000/- with the Prothonotary and Senior Master towards the publication charges, within three weeks from the date of any default with intimation to the Company Registrar failing which the petition shall stand dismissed for non prosecution. 2 The company petition is accordingly disposed of. (S.J.KATHAWALLA J.)