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2010 (5) TMI 394 - HC - Companies LawWhether the OTS agreement is not enforceable? Held that:- As the entire amount of ₹ 90 lakhs obtained by the LMDL Company (in liquidation) was settled for a total amount of ₹ 132 lakhs. Since the Managing Director of LMDL Company has already paid more than ₹ 97 lakhs and handed over two drafts of total balance amount of ₹ 47,71,330 to the counsel for PICUP Company in the Court, so, the learned Company Judge was legally right to implement the OTS scheme (Annexure A 3)/agreement (Annexure A 4) in the obtaining circumstances of the case. No other illegality has been pointed out in the impugned order by the learned counsel for the PICUP Company and Official Liquidator. Appeal dismissed.
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