Judgment:
The Court: In this winding up application, directions for filing affidavits were made yesterday. Since then, the parties have settled their dispute.
They ask me to record a terms of settlement. That is not permissible in a winding up application. In any event, it appears that the admitted debt of the company towards the petitioning creditor, arising out of the transaction, which is the subject matter of the winding up application, is Rs.11,10,514.97/-.
Therefore, on such admission there is no further need to file any affidavits in this application. Directions for such filing need not be complied with. This application is treated as an Adjourned Motion in the days list. The winding up application is admitted. Publication of this application should be made once in the Times of India and once in Bartaman. Publication in the Official Gazette is dispensed with. Such publication is to be made within four weeks from date.
However, if the above sum is paid between 15th August, 2010 and 15th September, 2011 as per the stipulation in the letter of the company dated 29th July, 2010 the winding up application will stand dismissed. The stipulation in the said letter is as follows:
We will start the payments from the month of August 15, 2010 to November 15, 2010 and again from the month of February 15, 2011 to September 15, 2011. In default of compliance with the said term of the said letter the petitioning creditor will have liberty to apply for orders to enforce the earlier part of the order. Let the letter dated 29th July, 2010 be taken on record.
All parties concerned are to act on a signed photocopy of this order on the usual undertakings.