Case Note & Summary
This is a winding up petition filed by Herambh Steel P.Ltd. against Azofen P.Ltd. under the Companies Act, 1956. The parties appeared before the court and tendered consent terms duly signed by them and their advocates. The court took the consent terms on record and marked them as 'X' for identification. The court directed that in the event the petition is admitted, it shall be advertised in Free Press Journal, Janmabhoomi and Maharashtra Government Gazette. The petitioner was directed to deposit a sum of Rs.2,000/- in the office of Prothonotary and Senior Master. The petition was disposed of accordingly with no order as to costs.
Headnote
A) Company Law - Winding Up - Consent Terms - Sections 433, 434, 439 Companies Act, 1956 - Petition for winding up under Companies Act, 1956 - Parties tendered consent terms duly signed by parties and advocates - Court took consent terms on record and marked 'X' for identification - In the event of admission, directed advertisement in Free Press Journal, Janmabhoomi and Maharashtra Government Gazette - Petitioner to deposit Rs.2,000/- with Prothonotary and Senior Master - Petition disposed of accordingly - No order as to costs (Para 1).
Issue of Consideration
Whether the winding up petition should be admitted and advertised or disposed of by consent terms.
Final Decision
Petition disposed of by consent terms. In the event of admission, directed advertisement in Free Press Journal, Janmabhoomi and Maharashtra Government Gazette. Petitioner to deposit Rs.2,000/- with Prothonotary and Senior Master. No order as to costs.
Law Points
- Consent terms
- Winding up petition
- Disposal by consent
- No order as to costs
