M/s. Vedsons Engineers (P) Ltd. Vs. Punjab National Bank
EmailAppeal: Civil Appeal No. 41 of 1998
(From the Judgment and Final Order dated 20.3.1997 of the High Court of Punjab and Haryana at Chandigarh, in Company Appeal No. 17/1996)
(From the Judgment and Final Order dated 20.3.1997 of the High Court of Punjab and Haryana at Chandigarh, in Company Appeal No. 17/1996)
Petitioner: M/s. Vedsons Engineers (P) Ltd.
Respondent: Punjab National Bank
Apeal: Civil Appeal No. 41 of 1998
(From the Judgment and Final Order dated 20.3.1997 of the High Court of Punjab and Haryana at Chandigarh, in Company Appeal No. 17/1996)
(From the Judgment and Final Order dated 20.3.1997 of the High Court of Punjab and Haryana at Chandigarh, in Company Appeal No. 17/1996)
Judges: Dr. AR. LAKSHMANAN & LOKESHWAR SINGH PANTA, JJ.
Date of Judgment: Jul 18, 2006
Appearances:
Mr. Uday U. Lalit, Senior Advocate, Mr. Ranjan Lohan and Mr. Ashok Mathur, Advocates with him for the Appellant.
Mr. Dhruv Mehta, Mr. Harsh Vardhan Jha, Mr. Yashraj Singh Deora, Mr. S.K. Mehta (for Mr. K.L. Mehta and Co.), Mr. Ravindra Kumar, Mr. Narender Yadav and Mr. Ramesh Kumar, Advocates for the Respondent.
Mr. Mushtaq Ahmad and Mr. Sandeep Bhalla, Advocates for the intervenors.
Mr. Dhruv Mehta, Mr. Harsh Vardhan Jha, Mr. Yashraj Singh Deora, Mr. S.K. Mehta (for Mr. K.L. Mehta and Co.), Mr. Ravindra Kumar, Mr. Narender Yadav and Mr. Ramesh Kumar, Advocates for the Respondent.
Mr. Mushtaq Ahmad and Mr. Sandeep Bhalla, Advocates for the intervenors.
Head Note:
COMPANY LAWS
Company Appeal – Memorandum of compromise – Division Bench of Punjab and Haryana passing an order and the appellant preferring an appeal to Supreme Court – During the pendency of appeal, parties arriving at a compromise and filing a memorandum of compromise before Supreme Court – Supreme Court finding the memorandum of compromise in order and duly signed by the parties. One more party also correctly impleaded as appellant no. 2. Affidavits filed by the appellants in support of memorandum of compromise taken on record. Court making clear that the terms of settlement apply only between the appellants and Punjab National Bank and not with reference to other creditors, if any. Appeal disposed of in terms of compromise and the compromise to form part of the decree.
Company Appeal – Memorandum of compromise – Division Bench of Punjab and Haryana passing an order and the appellant preferring an appeal to Supreme Court – During the pendency of appeal, parties arriving at a compromise and filing a memorandum of compromise before Supreme Court – Supreme Court finding the memorandum of compromise in order and duly signed by the parties. One more party also correctly impleaded as appellant no. 2. Affidavits filed by the appellants in support of memorandum of compromise taken on record. Court making clear that the terms of settlement apply only between the appellants and Punjab National Bank and not with reference to other creditors, if any. Appeal disposed of in terms of compromise and the compromise to form part of the decree.
Held:
We have perused the Memorandum of Compromise arrived at between the parties and the same is in order duly signed by Mr. Ashok Anand, Managing Director of both M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. and also by Mr. Kulwant Singh Bhatia, Manager of the Punjab National Bank. The Affidavit filed by Mr. Ashok Anand, Manager of M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. in support of the Memorandum of Compromise is taken on record. We make it clear that the terms of settlement is only between appellant nos.1 and 2 and the Punjab National Bank and not with reference to the other creditors of the Company, if any. (Para 2)
In view of afore-mentioned terms agreed upon between the appellants and the respondent Bank, we dispose of the appeal in terms of the Compromise. This Compromise will form part of the decree. The Civil Appeal and the I.A. no.8 stand disposed of accordingly with no orders as to costs. (Para 3)
In view of afore-mentioned terms agreed upon between the appellants and the respondent Bank, we dispose of the appeal in terms of the Compromise. This Compromise will form part of the decree. The Civil Appeal and the I.A. no.8 stand disposed of accordingly with no orders as to costs. (Para 3)
JUDGEMENT:
Dr. AR . Lakshmanan, J.
1. By consent of all parties, the civil appeal and IA no.8 of 2006 are taken up for final hearing. Civil Appeal no.41 of 1998 was filed by M/s. Vedsons Engineers (P) Ltd. challenging the order of the Division Bench of the Punjab and Haryana dated 20.3.1997 in Company Appeal no.17 of 1996. In I.A. no.8/2006, all the facts relating to this case have been mentioned therein. Memorandum of Compromise has been filed along with the said I.A. as Annexure ‘A1’. The Memorandum of Compromise has been arrived at between the appellant M/s.Vedsons Engineers (P) Ltd. and the Punjab National Bank as well as M/s. Vedsons Steel and Wires Pvt. Ltd. M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. are signatory to the Memorandum of Compromise. Since M/s. Vedsons Steel and Wires Pvt. Ltd. were not impleaded as a party earlier, the said party is now impleaded as appellant no.2 in this appeal.
2. We have perused the Memorandum of Compromise arrived at between the parties and the same is in order duly signed by Mr. Ashok Anand, Managing Director of both M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. and also by Mr. Kulwant Singh Bhatia, Manager of the Punjab National Bank. The Affidavit filed by Mr. Ashok Anand, Manager of M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. in support of the Memorandum of Compromise is taken on record. We make it clear that the terms of settlement is only between appellant nos.1 and 2 and the Punjab National Bank and not with reference to the other creditors of the Company, if any.
3. In view of afore-mentioned terms agreed upon between the appellants and the respondent Bank, we dispose of the appeal in terms of the Compromise. This Compromise will form part of the decree. The civil appeal and the I.A. no.8 stand disposed of accordingly with no orders as to costs.
1. By consent of all parties, the civil appeal and IA no.8 of 2006 are taken up for final hearing. Civil Appeal no.41 of 1998 was filed by M/s. Vedsons Engineers (P) Ltd. challenging the order of the Division Bench of the Punjab and Haryana dated 20.3.1997 in Company Appeal no.17 of 1996. In I.A. no.8/2006, all the facts relating to this case have been mentioned therein. Memorandum of Compromise has been filed along with the said I.A. as Annexure ‘A1’. The Memorandum of Compromise has been arrived at between the appellant M/s.Vedsons Engineers (P) Ltd. and the Punjab National Bank as well as M/s. Vedsons Steel and Wires Pvt. Ltd. M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. are signatory to the Memorandum of Compromise. Since M/s. Vedsons Steel and Wires Pvt. Ltd. were not impleaded as a party earlier, the said party is now impleaded as appellant no.2 in this appeal.
2. We have perused the Memorandum of Compromise arrived at between the parties and the same is in order duly signed by Mr. Ashok Anand, Managing Director of both M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. and also by Mr. Kulwant Singh Bhatia, Manager of the Punjab National Bank. The Affidavit filed by Mr. Ashok Anand, Manager of M/s. Vedsons Engineers (P) Ltd. and M/s. Vedsons Steel and Wires Pvt. Ltd. in support of the Memorandum of Compromise is taken on record. We make it clear that the terms of settlement is only between appellant nos.1 and 2 and the Punjab National Bank and not with reference to the other creditors of the Company, if any.
3. In view of afore-mentioned terms agreed upon between the appellants and the respondent Bank, we dispose of the appeal in terms of the Compromise. This Compromise will form part of the decree. The civil appeal and the I.A. no.8 stand disposed of accordingly with no orders as to costs.
