' Capital Assets Leasing Corporation Limited having leased out certain equipment's to the respondent-company had proceeded to file the present application under sections 290, 291 and 292 of the Companies Ordinance, 1984 thereby seeking orders for regulating the affairs of respondent No,1 in accordance with law.
' The respondents having entered appearance admitted in unequivocal terms that they are in default but are willing to discharge the liability in suitable installments with the result that time was granted to the respondents to submit a proposal for settlement. It was on 16-12-1998 that Mr. Imtiaz Siddiqui, Advocate appearing on behalf of respondent submitted a proposal for settlement of the dispute which was sent to him vide letter dated 27-11-1998 by the Managing Director of the Company. The said proposal contained of proposal whereby it was inter alia agreed that the two rentals shall be paid in the first month i,e, January, 1999 while the remaining outstanding amount shall be paid in 23 equal monthly installments starting from February, 1999. The proposal afore- noted was handed over to the learned counsel for the petitioner to consider the proposed settlement but it so happened that case was not taken up on the date fixed with the result that the petitioner filed an application (C.M. No, 1511-D-99) enumerating therein the background of the proposal and its acceptance by the petitioner. This application was accompanied by two Schedules enumerating therein the total amount to be paid by the respondent with and without any additional rentals.
2. At the hearing, learned counsel for the petitioner made an offer that although he has submitted his claim with additional rentals but he would be satisfied if the same is paid without additional rentals as incorporation in Mark "C" i,e, the First Schedule attached with the application afore- noted. Learned counsel for the respondents readily accepted the same with the rider that the two instalments as originally agreed to be paid in January, 1999 shall now be paid in the month of November, 1999 while the balance amount of the rentals shall be paid in 23 equal monthly instalments starting from December, 1999 till 30th October, 2001. Order accordingly. It is, however, directed that the monthly instalments shall be paid by the 10th of each calendar month and if the respondent-Company defaults in two monthly instalments consecutively, the whole balance amount shall become due and would be recoverable in lump sum.
3. Mr. Haq Nawaz Chattha, Advocate appearing on behalf of respondent No,3 submitted that he has been unnecessarily joined in this petition. He further submitted that his claim has also been satisfied by the respondent-Company. Since the claim of the petitioner has been agreed to be satisfied by the respondent-Company and in view thereof this petition is being disposed of, therefore, no order need be passed in regard to respondent No,3. In the event that the above said compromise is not adhered to by the respondent-Company, the petitioner would be well within his right to approach this Court again for the redressal of his grievance.
4. Disposed of.