1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL (L) NO.825 OF 2009 IN COMPANY PETITION NO.584 OF 2009 Today Writing Products Ltd. ...Appellants v/s HDFC Bank Ltd. And anr. ...Respondents Mr F. Devitre, Sr. Counsel for Appellants. Mr Chirag Balsara with Mihir Mody, Mr Rajesh Talekar, Mr Gaurav G.P. i/b M/s K. Ashar and Co. for Respondents. CORAM : D.K. DESHMUKH AND R.V. MORE JJ. DATE : 28TH APRIL 2010. 2 P.C. :- 1] By this appeal, the appellants challenge the order passed by the learned Single Judge passed in company petition No.584 of 2009. By that order, the learned Company Judge has passed a conditional order for admission of the petition which was filed alleging that the appellant Company is unable to pay its debt. The fact that the loan was taken is not in dispute. What is mainly alleged is that because there was a proposal made on 12th February 2009 for rescheduling the payment of debt, it amounts to novatio and therefore, company petition should not have been filed on the basis of the original credit facility. The learned Single Judge has considered that aspect of the matter and has held that there is no novatio because the conditions which were put up have not been complied with by the Company. In any case, in our opinion, perusal of the letter dated 11th February 2009 shows that what was done was a new schedule of repayment was accepted subject to certain conditions about security and guarantee. 3 There was no fresh agreement in relation to the debt. Taking overall view of the matter, therefore, we do not find any reason to interfere with the order impugned. The appeal therefore is rejected. However, by consent of parties, it is directed that the first installment payable under the order shall be paid on or before 30th June 2010 and the dates for payment of subsequent installments shall also be modified accordingly. Parties to act on the copy of this order duly authenticated by the Associate / Private Secretary of this Court. Certified copy expedited. (JUSTICE D.K. DESHMUKH) (JUSTICE R.V. MORE)