TMI Blog2006 (7) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... d for taking all necessary steps by taking charge of assets/stocks/plant and machinery, books of Account and other documents and to file report before this Court accordingly. 2. It is case of the petitioner that the respondent company had purchased polyester chips on credit from the petitioner by placing the order as per its requirement on different occasions. The bills produced 24% interest p.a. in case of delayed payment and for the relevant period from 12th February, 1997 to 19th March, 1997. The petitioner company has also annexed statement of outstanding claims at Annexure 'A' collectively. Even various letters addressed by petitioner-company to the respondent-company for making payment of outstanding dues and even acknowled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h September, 2002 and by an order dated 7th March, 2003, the said matter came to be restored. 8. It is also to be noted that the respondent company was given an opportunity to make as ad hoc payment of Rs.Five Lacs by an order dated 7th July, 2004. By an order dated 23rd June, 2004, the matter was adjourned to 8th July, 2004. That the consent terms came to be filed in view of understanding arrived between the parties and petition withdrawn with liberty to revive in case of difficulty and above order came to be passed on 25th August, 2004. 9. That the efforts made to clear outstanding dues by filing consent terms and withdrawal of the petition, did not yield any result and therefore, by an order dated 17th March, 2006 passed in Misc. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. It is obviously a breach of consent terms, which entitles the present applicant to revive this petition. Payment should have been made on or before November, 2005, but the payment has not been made till this date and hence the petition is required to be revived. 14. Thus, in spite of efforts made by the Company Court from time and again to settle the outstanding dues or to find out via media, the respondent company has failed to discharge its dues and inability to function in accordance with the provision of Companies Act, writ large on its face. 15. Today when the matter came up for hearing, the company showed its inability to pay the amount of petition. Upon going through the averments made in the petition and submissions made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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