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2017 (8) TMI 1629 - HC - Companies LawRevival of Winding up proceedings - Failure in payment of instalments - HELD THAT:- The winding up proceedings revive. This is not a case of a simple default. The company has avoided compliance with the undertaking given to the Supreme Court by filing the consent terms. This is evident from the fact that after paying the first instalment the company committed default. This was not remedied immediately but they have been in default since April. Though the Order of this court required the petition to be be advertised the Petitioners have played along and appear to have now arrived at fresh and modified terms. The process is being misused. Given past conduct this renewed attempt at settlement does not appear bonafide. The petition already stands admitted. Accordingly, the provisions of clauses 6 and 7 are now required to be performed in accordance with the order dated 22nd March, 2017. Stand over as per CMIS for final hearing.
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