1 cp-62-11 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION jmi COMPANY PETITION NO. 62 OF 2011. M/s. Super Floorings. ..Petitioner. vs. Sterling Constructions Systems Ltd. ..Respondent. .... Mr. Ajeet A. Manwani, for Petitioner. Mr. Jamshed Ansari, for Respondent. Mr. Vivek B. Chaurasia, Senior Accounts Manager of Respondent, present. .... CORAM : S.J. KATHAWALLA, J. DATE : 3RD AUGUST 2011. P.C. : Heard the learned Advocate appearing for the parties. Also heard Shri Vivek B. Chaurasia, Senior Accounts Manager of the Respondent Company who is present in Court. He has informed the Court that he has the authority to settle the matter. He has informed the Court that the Company admits its liability to pay to the Petitioner an amount of Rs. 5,13,000/-. However, he submits that the Respondent Company will be able to pay the said amount to the Petitioner in ten installments within a period of ten months. The first 9 installments would be of Rs. 50,000/- per month and the last installment shall be of Rs.63,000/-. He has further informed the Court that he has got a cheque of Rs. 50,000/- dated 3rd August 2011 drawn in favour of the Petitioner towards the first installment. 2. In view thereof, the following order is passed by consent of the parties : (i) The Respondent Company shall pay an amount of Rs. 2 cp-62-11 5,13,000/- to the Petitioner in full and final settlement of the claim of the Petitioner against the Respondent Company. The said amount of Rs. 5,13,000/- shall be paid in 10 installments, out of which the first 9 installments would be of Rs. 50,000/- and the last installment shall be of Rs. 63,000/-. The first installment of Rs. 50,000 is already handed over by Mr. Vivek B. Chourasia, Senior Accounts Manager to the Petitioner. The balance installments shall be paid on or before the 5th of each month commencing from 5th September 2011. (ii) In the event of the Respondent Company committing any default in payment of the aforestated installments, the Company Petition shall revive without reference to this Court, the entire amount as claimed shall forthwith become due and payable by the Respondent Company to the Petitioner and the Company Petition shall stand admitted and made returnable within a period of six weeks from the date of default and advertised in two local newspapers, namely, “Free Press Journal” (in English) and in “Maharashtra Times” (in Marathi) and the Maharashtra Government Gazette. (iii) In case of default on the part of the Respondent in making payment as set out in clause (i) above, the Petitioner shall deposit an amount of Rs.10,000/- with the Prothonotary and Senior Master of this Court within a period of two weeks from the date of default towards publication charges, failing which the Petition shall stand dismissed without further reference to this Court. 3. The Company Petition is accordingly disposed of. [ S.J. KATHAWALLA, J. ]