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2017 (11) TMI 785 - MADHYA PRADESH HIGH COURTRejecting the proposal submitted by the petitioner on the OTS policy - accepting one time settlement as submitted by the petitioner after winding up order was passed - Held that:- From perusal of the record, it reveals that respondent NO.2 has extended the facility of ICD to the petitioner of the different amount. The petitioner-company could not repay the said amount to respondent No.2- Corporation in time. Respondent No.1/State has framed one time settlement policy. As per the said policy, the petitionercompany has offered his proposal for one time settlement. The said proposal was not accepted by respondent No.2 saying it is not in accordance with the OTS policy. On 02/05/2008 respondent No.2-Corporation filed a company petition before the Delhi High Court for winding up of the company on account of non-payment of dues. During pendency of the company petition, offer was again made to settlement the dues under the OTS policy, but, finally it failed as respondent No.2 refused to adjust the amount of ₹ 50 lakh which was paid to respondent No.2 by the petitionercompany. Thereafter the Delhi High Court passed an order for winding up of the company on 03/05/2013 The Delhi High Court in its order after exploring the possibilities of settling the dues as per OTS policy was of the view that the settlement is not possible on account of the fact that already numerous opportunities was made available to the petitioner-company to comply with the requirement of OTS amount offered by respondent No.2. The Delhi High Court has, therefore, held that the case is made out and, therefore, appointed provisional liquidator for petitionercompany. The order passed by the Delhi High Court was affirmed by Hon'ble the Apex Court in SLP vide order dated 26/09/2016. Thus, the order passed by the Delhi High Court in company petition has attained finality. After dismissal of the SLP, the petitioner has again submitted a proposal for settlement of the amounts. The said proposal was rejected by the respondents vide order dated 29/10/2016. The State Government thereafter has revised the OTS policy and stated that the OTS policy dated 16/05/2007 would be operational till 30/06/2017. Accordingly, the petitioner again submitted proposal on 29/05/2017 which was rejected by respondent No.2 in its meeting dated 20/06/2017. As per the settlement of respondent No.2, the total dues against the petitioner as on 31/05/2017 is 172.40 crores. As the order passed by the Delhi High Court in company petition was affirmed up to the Apex Court and as there is no statutory provision for accepting one time settlement as submitted by the petitioner after winding up order was passed, respondent No.2 has rightly rejected the proposal submitted by the petitioner-company.
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