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2018 (5) TMI 574 - HC - Companies LawWinding up petition filed during pendency of arbitration proceedings - Settlement Agreement entered - revival of winding up petition - case of the petitioner is that despite order dated 29.5.2017 passed by this court, the respondent has not abided by the settlement agreement and handed over the Trina Receipts - Held that:- As in terms of the Settlement Agreement the petitioner had undertaken to make the payment of the settlement amount of USD 30.379 million in terms of the payment schedule. In the eventuality of default, the entire outstanding amount of USD 35,740,136/- less any amount paid alongwith interest @12% per annum was payable from the date of default till the date of payment. There is no dispute that clause 4 of the settlement agreement states that in case the petitioner is unable to make the payment within the stipulated schedule the entire outstanding of USD 35,740,136/- would become payable with interest. This court however in its order dated 29.5.2017 noted clause 4 of the settlement agreement but concluded that on account of the delay in making payment by the petitioner it would not be justifiable to vitiate the efforts made by the court to conclude the settlement as the amount had been received by the respondent. The court further concluded that the respondent cannot be made to suffer liquidation proceedings. Hence, essentially on facts this court came to a conclusion that there was no justification to revive the winding up petition. There is nothing in the two orders of this court, namely, order dated 12.01.2015 and 29.05.2017 on account of which we can conclude that the respondent has substantially interfered in the course of justice. In my opinion, the facts do not warrant coming to a conclusion that the respondent is guilty of wilful disobedience of the order of this court or of contempt of court. Petition dismissed.
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