High Court of Judicature at Allahabad
Case Law Search
State Bank Of India Ghaziabad v. In The Matter M/S System Controls & Transformers Pvt. Ltd - COMPANY PETITION No. - 16 of 1993  RD-AH 18112 (20 November 2007)
HIGH COURT OF JUDICATURE AT ALLAHABAD
Hon'ble S. Rafat Alam, J.
Hon'ble Sudhir Agarwal, J.
This is an application with the prayer to decide the Appeal No. 834 of 1996 and Company Petition No. 16 of 1993 in terms of the compromise arrived between the parties. Sri M.K. Sharma, learned counsel for the appellant submits that this appeal is preferred under Section 483 of Companies Act against the order of the Company Judge for advertisement in a winding up proceeding. It is submitted that during the pendency of the appeal, the parties arrived at to a compromise and all the dues of the State Bank of India-respondent have been cleared. In para-7 of the affidavit filed in support of this application, it is averred that the amount of Rs. 50 lacs along with interest has been withdrawn by the Bank on 12.2.2007 pursuant to one time settlement dated 11.8.2006. It has also been stated that the appellant has further made deposit of Rs. 1,06,76,000 towards the dues of respondent-bank. Consequently, the bank has withdrawn the cases/suits pending before Debts Recovery Tribunal, Lucknow agaisnt the appellant.
Sri Prateek Sinha, advocate, holding brief of Sri Vipin Bihari Sinha, learned counsel appearing for respondent-bank does not dispute the aforesaid statement and, therefore, no reply/objection has been filed on behalf of the bank, though copy of this application and affidavit was served on 1.10.2007. Thus, in view of the fact that the dues have already been paid to the respondent-bank and the bank has already withdrawn the proceedings pending before the Debts Recovery Tribunal and now is not proposing to press the company petition no. 16 of 1993, we are of the view that this appeal has lost its efficacy and it deserves to be disposed in terms of the compromise arrived between the parties along the company petition. In view of the above, the company petition also deserved to be disposed of.
We, therefore, allow this application. This application is disposed of in terms of the compromise as referred to above and, consequently, the company petition no. 16 of 1996 shall also stands disposed of and is consigned to record.
No order as to costs.
Double Click on any word for its dictionary meaning or to get reference material on it.