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2017 (6) TMI 27 - HC - Companies LawApplications for revival of the liquidation proceedings - Held that:- Since the petitioner company has accepted the payments in the extended period and that too with interest on the default installments, then simply because there was delay in making the payments under the settlement agreement, it would not be justifiable to take recourse to clause 4 of the Settlement Agreement and thus vitiating the efforts made by the Court to conclude the settlement. After receiving huge payments with interest and yet again making the respondent suffer liquidation proceedings would be asking too much. The conditional offer made by the learned counsel for the petitioner to deposit the amount so received only once a liquidator is appointed is not acceptable and such a plea cannot be allowed. In view of above, the applications for revival of the liquidation proceedings are dismissed.
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