9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 1110 - HC - Companies LawSettlement of the dues of Respondent No.9 - seeking to fix meeting with Time Date and Venue fixed may be fixed by the Court to take further steps for settlement of dues - HELD THAT - Let the meeting of these parties and other related parties as indicated in the Order dated 17.2.2021 passed by this Court take place at Bombay in the office of Respondent No.9 M/s. ASREC (India) Ltd. on 24th and 25th June 2021 at 11 00 a.m. It is expected that the concerned parties involved in this dispute particularly Respondent No.5 and Respondent No.9 shall make it a point to convene and hold such meeting and proceed further in appropriate manner in the letter and spirit of the earlier directions of this Court and undertake the process of settlement of the dues as indicated in the said Order dated 17.2.2021. Let the Report of such meeting be filed by both these parties and be placed before this Court on the next date of hearing. List the matter again on 1.7.2021.
Issues Involved:
Settlement efforts for dues between parties amidst Covid-19 restrictions. Analysis: The judgment pertains to a case where the Respondent No.5, Shree Industries Ltd., expressed genuine intention to settle the dues of Respondent No.9, M/s. ASREC (India) Ltd., and other secured creditors as per the court's earlier directions. However, due to the Covid-19 situation and travel restrictions, the settlement efforts could not be fully executed. The counsel for Shree Industries Ltd. requested more time to comply with the directions and produce a report of the settlement efforts made. On the other hand, the counsel for Respondent No.9 suggested fixing a meeting date, time, and venue to solidify the intentions expressed by Shree Industries Ltd. Consequently, the court ordered a meeting to take place in Bombay at the office of Respondent No.9 on 24th and 25th June 2021, expecting all concerned parties to convene and proceed with the settlement process in line with the court's earlier directives. The court further instructed both parties to submit a report of the meeting for the next hearing scheduled on 1.7.2021, emphasizing the importance of adhering to the spirit of the court's orders. Additionally, all counsels involved in the matter were directed to receive a copy of the report submitted to the court for transparency and information sharing purposes.
|
