High Court of Judicature at Allahabad
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In Matter Of M/S Sentray Flash Light Co. - COMPANY PETITION No. 21 of 1997  RD-AH 1536 (20 January 2006)
Company Petition (Winding Up) No.21 of 1997
In the matter of
Sentry Flash Light Co. Pvt. Ltd.
In the matter of
Hon. Sunil Ambwani, J.
No one appears for Canara Bank, the petitioner in this winding up petition.
This creditors winding up petition has been filed by Canara Bank to wind up M/s Entry Flash Light Company (Pvt.) Ltd., D-46-48, Industrial Estate, Aligarh for default in payment of Rs.22 lacs and add with vide statutory notice dated 7.10.1996. From the averments made in the counter affidavit I find that for the same transaction the bank had filed a civil suit, which was transferred to D.R.T. and that by order dated 18.1.2005, which has been brought on record by the respondent company along with their application dated 21.12.2005 the bank accepted OTS and the suit was disposed of in terms of the compromise detailed in the application dated 17.1.2005 filed before DRT. The order of DRT is reproduced as below:
"The record is placed before the undersigned as per the order dated 17.1.2005 passed by the Registrar of this Tribunal on the basis of urgent application.
Ld. Counsel Shri S.K. Sinha is present on behalf of the applicant bank.
Now the application dated 17.1.2005 of the applicant bank supported by affidavit of Shri P. Nath, Manager of the applicant bank praying for disposal of the case in view of compromise is taken up for consideration.
Heard the Lt. Counsel for the applicant bank.
Considered. Perused the application dated 17.1.2005 of the applicant bank affidavit sworn by Shri P. Nath, Manager of the applicant bank and all other materials on record.
It has been contended that during pendency of the Transfer Application for recovery of Rs.83,17,433=36 together with interest, cost and other usual reliefs there has been a compromise between the bank and the defendants. The proposal of the defendants under the scheme of OTS to the applicant bank was considered by the latter and was settled to the tune of Rs.11,80,000=00 (Rupees eleven lacs and eighty thousands only) together with interest. The defendants have paid Rs.12,37,200=00 which is inclusive of OTS amount and interest upto 3.8.2004. The applicant bank has no outstanding against the defendants and in that view of the matter it does not want to proceed and prays disposal of the case.
Since the applicant bank has received the settled amount together with the interest so the T.A. deserves disposal in view of the compromise.
It is therefore, ordered-
That the T.A.777/02 initiated by the applicant Canara Bank against the defendants is hereby disposed of in view of compromise as detailed in its application dated 17.1.2005 supported by affidavit of Shri P. Nath, Manager of the applicant bank.
There will be no order as to cost.
Let copies of this order be supplied to the parties immediately as per rules.
The T.A. is thus disposed of.
In view of the fact that the bank accepted OTS and parties entered into a compromise on account of which the liability has been discharged, the company petition does not survive and is accordingly dismissed.
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