1 cal209-11 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION (LODGING) NO.209 OF 2011 IN COMPANY PETITION NO.523 OF 2005 WITH COMPANY PETITION NO.523 OF 2005 M/s.Kitply Industries Limited ....Respondent/ Ori.Petitioner And M/s.Sanjay Plywood Industries Pvt. Ltd. ....Applicant V/s. Ori.Respondent Official Liquidator, High Court, Bombay of Sanjay Plywood Industries Pvt. Ltd. ....Respondent Mr.S.U. Kamdar, Senior Counsel with Ms.Pooja Patil i/b M/s.Little & Co. for the Applicant/Original Respondent. Ms.Sowmya Srikrishna i/b Ms.Hemakshi B. Gandhi for the Respondent/Original Petitioner. CORAM : S.J. VAZIFDAR, J. DATE : 25TH APRIL, 2011. P.C. :- 1. This is the applicant/respondent company’s application for condonation of delay of 1966 days in taking out the application and for setting aside the order dated 25.11.2005 winding up the applicant/respondent company. 2. Both the learned counsel state that the disputes between the parties have been settled. Ms.Srikrishna states that in the event of the petition being restored to file, the petitioner will make an application for 2 cal209-11 withdrawing the petition. In that event, the proposed withdrawal would have to be advertised in the usual manner. 3. In addition to this, Mr.Kamdar, the learned Senior Counsel appearing on behalf of the applicant/respondent company makes a statement that apart from the petitioner, there are only three creditors of the company. Two of them are workers and the third is the State Bank of India. He further makes a statement and undertakes on behalf of the applicant/respondent company to make payment of all the dues of these four creditors and any other creditors of the company irrespective of the claims being barred by limitation or not. He agrees and undertakes that in the event of there being any creditors of the company, this statement and undertaking shall constitute a promise to pay the time barred debt within the meaning of Section 25 of the Contract Act. This, of course, is provided the claim is made within three years from the date of the publication of the notice of the proposed withdrawal of this petition pursuant to the order that I propose making. This undertaking however, shall not prevent the applicant/respondent company from disputing the claim on merits to wit on the grounds other than on limitation. It is only in view of the above statements that the following order is passed :- i). The company application is made absolute in terms of prayers (a) and (b) subject to the above statements and undertakings made by and on behalf of the applicant/respondent company which are accepted by this Court. Further, this order is subject to the applicant/respondent company filing an undertaking to the above effect on or before 9.5.2011. ii). In the event of it being found for any reason whatsoever that 3 cal209-11 the above undertakings cannot be given effect to for any reason whatsoever, this order shall stand automatically vacated without further reference to the Court and the order dated 25.11.2005 shall revive. iii). The Official Liquidator shall advertise the proposed withdrawal of the petition and invite claims in Indian Express (English Edition) and Navshakti (Marathi Edition) newspapers. The costs of publication shall be paid in advance by the applicant/respondent company to the Official Liquidator as demanded. The petition is made returnable on 20.7.2011.