2013 (9) TMI 1209 - HC - Companies Law

Summary

Issues involved: Application for undertaking on payment schedule, discrepancy in outstanding amounts, review and stay of order, impleadment of parties, recall of order, default in payment, revival of application.

Undertaking on Payment Schedule:
Lt. Col. H.S. Bedi, Chairman and Managing Director of Tulip Telecom Ltd. (TTL), undertakes to pay specified amounts on specific dates from October 2013 to July 2014 as per the affidavit dated 9th September 2013. Any default by TTL will result in the revival of the order dated 25th April 2013.

Discrepancy in Outstanding Amounts:
There is a discrepancy in the outstanding amounts claimed by TTL and the Petitioner. Both parties agree to reconcile the figures, and any additional sum found payable by TTL will be included in the final installment due on 1st July 2014.

Review and Stay of Order:
Applications by employees of TTL seeking review and stay of the order dated 25th April 2013 are dismissed, except for impleadment in the main company petition, which is allowed.

Impleadment of Parties:
Corporate Debt Restructuring (CDR) banks are permitted to be impleaded as parties in Company Petition No. 395 of 2012. An application by ICICI Bank on behalf of CDR Banks for recall of the order dated 25th April 2013 is rejected.

Default in Payment and Revival of Application:
An application filed by AT&T Global Network Services India Pvt. Ltd. is dismissed, with the liberty to revive the prayer in case of any default by TTL in honoring the undertaking given in Court.

Conclusion:
The Court keeps the order dated 25th April 2013 in abeyance until 1st October 2013, subject to TTL's compliance with the payment schedule. Any default will result in the immediate revival of the original order without any objections. The parties are directed to reconcile outstanding amounts, and impleadment of relevant parties is allowed as per the Court's directions.