AI Structured Summary
Not yet generated for this judgment
Judgment
S.J. Kathawalla
By consent of the parties, the following order is passed:
(i) The Respondent company shall deposit an amount of Rs. 9,58,000 (Rupees nine lakhs fifty eight thousand only) with the prothonotary and senior master of this Court within a period of 12 weeks from today.
(ii) Upon deposit of the said amount, the Respondent company shall forthwith inform the Petitioner as well as their advocate that the said amount has been deposited with the prothonotary and senior master of this Court.
(iii) Within two weeks from the date of deposit of the said amount of Rs. 9,58,009 by the Respondent company, the Petitioner shall file a suit in this Court pertaining to the subject matter of this petition and seek appropriate relief''s. The Petitioner shall also forthwith forward a complete copy of the plaint in the Suit to the Respondent company.
(iv) Upon filing of the said suit, the prothonotary and senior master shall transfer the said amount of Rs. 9,58,000 to the suit account and shall invest the said amount in a nationalized bank for a period of one year at a time.
However, the direction to invest the said amount would be subject to any ad-interim/interim orders passed in the suit filed by the Petitioner.
(v) The Petitioner shall be at liberty to take, out appropriate [proceedings] in the said suit proceedings seeking ad-interim/interim relief''s which will be decided on its own merits.
(vi) All contentions of the parties are kept open.
(vii) In the event of the Respondent company failing to deposit an amount of Rs. 9,58,009 within a period of 12 weeks from today, the company petition shall revive without reference to this Court.
The entire amount claimed by the Petitioner shall become due and payable to the Petitioner by the Respondent company. The company petition shall stand admitted, made returnable within six weeks from the date of default and advertised in two local newspapers, i.e., Free Press Journal and Maharashtra Times and Maharashtra Government Gazette.
(viii) Upon such default, the Petitioner shall, within one week from the date of default, deposit with the prothonotary and senior master, a sum of Rs. 10,000 (Rupees ten thousand) towards publication charges, failing which the company petition shall stand dismissed for want of prosecution.
(ix) The company petition is accordingly disposed of with no order as to costs.