2013 (8) TMI 1143 - HC - Companies Law

Summary

Issues involved: Modification of order for re-schedulement of instalment payment.

Summary:
The present application before the Delhi High Court was filed by the petitioner seeking a modification of the order dated 24th January, 2013, which disposed of the initial petition. The petitioner specifically sought re-schedulement of the third instalment of Rs. 75 crores, which was not paid on the due date. Revised terms and conditions for the payment of the balance amount were submitted along with the application. Initially, the terms were not acceptable to the respondent, but both parties have now agreed upon revised terms and conditions, which were presented in court and duly signed by the counsels for the parties.

Both the learned counsels for the petitioner and the respondent prayed for the modification of the order in accordance with the revised terms and conditions submitted in court. They also undertook to abide by these terms and conditions as well as the provisions of the previous order dated 24th January, 2013. The promoters of the petitioner company were required to file affidavits/undertakings to confirm their compliance with the revised terms within two weeks.

The court accepted the statements made by the counsels for both parties and held them bound by the same. The application was consequently disposed of based on the agreed-upon terms and conditions presented in court. The court ordered the issuance of the order dasti for necessary action.