CA No.726 of 2012 and -1- CP No.55 of 2007 IN THE PUNJAB AND HARYANA HIGH COURT AT CHANDIGARH CA No.726 of 2012 and CP No.55 of 2007 Date of Decision : 14.12.2012 M/s Chandra international ..Petitioner. Vs. M/s Kool Breweries Limited ..Respondent. CORAM : HON'BLE MR.JUSTICE SURYA KANT Present: Mr. Dheeraj Jain, Advocate for the petitioner. SURYA KANT, J. (Oral) CA No.726 of 2012 This application has been moved by the petitioner and respondent jointly for recording compromise dated 6.12.2012 (Annexure A- 1) and dispose of the petition in terms thereof. I find from the record that vide order dated 20.8.2010, the main petition was adjourned sine die as the proceedings in respect of the respondent-Company were statedly pending before the Board for Industrial and Financial Reconstruction (BIFR). In view of the joint application, order dated 20.8.2010 is modified and the main petition is taken on board for final disposal. CP No.55 of 2007 Mr. Dheeraj Jain, learned counsel for the petitioner in the joint application submits that both the parties are present and they have entered into the compromise dated 6.12.2012 (Annexure A-1). As per CA No.726 of 2012 and -2- CP No.55 of 2007 the said compromise, the respondent Company has agreed to pay a sum of Rs.92,50,000/- to the petitioner which has been paid today by way of bankers cheque bearing No.459448 dated 16.11.2012, handed over to the representative of the petitioner-Company in Court and on receipt thereof, the petitioner Company has agreed to withdraw this petition as infructuous. No other secured creditor or any other creditor has become party to these proceedings. In this view of the matter, compromise arrived at between the petitioner and respondent, is taken on record and the petition, as prayed for, is dismissed as withdrawn, however, with the condition that in case the respondent does not honour the compromise, the petitioner shall be entitled to seek revival of the petition. This order shall have no bearing on the proceedings, if any, pending before the Industrial and Financial Reconstruction (BIFR). ( Surya Kant ) Judge 14.12.2012 Meenu