ARNAV CORPORATION LTD vs SHARAD CONSTRUCTION

1. None for the Appellant or Respondent. 2. This Appeal challenges order dated 21 July 2010 made by the learned Company Judge in Company Petition No.995 of 2009. The operative portion of the impugned order reads as follows: - “(i) The company is directed to deposit in this court a sum of Rs.10,00,000/- on or before 30th September, 2010. (ii) Upon the amount being deposited, the same shall be invested in a nationalized bank initially for a period of one year and thereafter for like periods of one year each. (iii) In the event of the amount being so deposited and in the event of the Petitioner filing a suit within twelve weeks from the date of the Petitioner’s advocate being informed of the same in writing, the amount shall stand transferred to the credit of that suit. The 69-APP-993-2010.DOCX Petitioner shall be at liberty to make an application in the suit for withdrawal of the amount. (iv) In the event of the suit not being filed as aforesaid, the petition shall stand dismissed and the amount with interest thereon shall be refunded to the Respondent-Company. (v) In case of failure on the part of the Company to deposit the amount as aforesaid, the Petition shall stand admitted and