Micro Capitals Pvt. Ltd vs Arun Panchariya
2023 Latest Caselaw 1464 Bom

                                                           18-comexl-7095-2021.doc

jsn
                   IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                       ORDINARY ORIGINAL CIVIL JURISDICTION
                     EXECUTION APPLICATION (L) NO.7095 OF 2021

       Micro Capitals Pvt. Ltd.                              ...Applicant /
                                                             Judg. Creditor

               Versus

       Arun Panchariya                                       ...Respondent
                                         ----------
       Mr. Ranjit Agashe with Ms. Namrata Agashe i/b. Ms. Vinsha Acharya
       for the Applicant / Judg. Creditor.
       Mr. Anjani Sinha for the Respondent.
                                         ----------

                                        CORAM : R.I. CHAGLA J.
                                        DATE  : 13 February 2023.
       ORDER :

1. The Applicant / Judgment Creditor and the brother of

Respondent / Judgment Debtor Mr. Ashok Ramswaroop Panchariya

who has been duly authorisied by the Respondent / Judgment Debtor

are present in Court. Their presence shall be dispensed with

tomorrow, when the matter which was supposed to be listed today

with the other matters is being kept, as it is not listed.

2. The disputes have been settled between the parties.

Consent Terms dated 7th February, 2023 have been entered into

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between Applicant / Judgment Creditor and Respondent / Judgment

Debtor and it is tendered and taken on record and marked 'X' for

identification.

3. Consent Terms have been signed by the Applicant /

Judgment Creditor and the Advocate for the Applicant / Judgment

Creditor as well as by the Respondent / Judgment Debtor who has

signed the Consent Terms before the Notary Public in England. The

certificate of the Notary Public, England is appended to the Consent

Terms at Page 1. The resolution at the meeting of the Board of

Directors of the Applicant / Judgment Creditor authorising the

signatory to the Consent Terms to sign and execute the Consent

Terms is appended at Annexure A to the Consent Terms. The

Authority Letter dated 8th February, 2023 executed by the

Respondent / Judgment Debtor in favour of his younger brother

Ashok Ramswaroop Panchariya who is present in Court to present the

Consent Terms for and on behalf of the Respondent/ Judgment

Debtor has been duly notarized before the Notary Public, England

and accepted by Mr. Ashok Ramswaroop Panchariya is appended to

the Consent Terms. This shall be marked as Exhibit B to the Consent

Terms and the change shall be made forthwith by the learned

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Advocate for the Applicant / Judgment Creditor.

4. The parties to the Consent Terms have decided to

mutually and amicably settle the overall dispute i.e. involving all the

four arbitration awards mentioned in Clause 7 of the Consent Terms

as per the terms of settlement mentioned in Clause 9 of the Consent

Terms. The Applicant has undertaken to withdraw all civil and

criminal proceedings filed against the borrowers or against the

Respondent, immediately upon compliance of Clause 9 of the

Consent Terms as provided in Clause 12 of the Consent Terms.

5. I am satisfied that the Consent Terms are in order, not

contrary to law and have been drawn by the parties of their own

volition in reflection of their true intentions.

6. The undertakings, if any, in the Consent Terms being

accepted as undertakings to the Court.

7. The Execution Application is disposed of in accordance

with the Consent Terms.

18-comexl-7095-2021.doc

8. A soft copy of the Consent Terms will be uploaded as the

second order in the matter.

9. The Registry is to ensure that the hard copy of the signed

Consent Terms is permanently retained on file as part of the record

and is not sent for destruction in the ordinary course.

[R.I. CHAGLA J.]