Delhi High Court
M/S Sai International vs M/S Kaizer & Ors on 5 February, 2015
Author: Hima Kohli
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CS(OS) NO. 2833/2012 & IA No. 6434/2013
Decided on : 05.02.2015
IN THE MATTER OF:
M/S SAI INTERNATIONAL ..... Plaintiff
Through: Mr. R.K.Bhasin, proprietor of plaintiff in
person
versus
M/S KAIZER & ORS. ..... Defendants
Through: Mr. Jitendra Garg, Advocate with
D-3 in person
CORAM
HON'BLE MS.JUSTICE HIMA KOHLI
HIMA KOHLI, J.(Oral)
1.
This order is being passed in continuation of the order dated
27.1.2015. On the said date, learned counsel for the plaintiff had stated
that as per the settlement arrived at between the parties and recorded
in the Settlement Agreement dated 7.11.2014, the defendants had
agreed to pay a sum of `35 lacs to the plaintiff in full and final
settlement of all its claim against them and out of the said amount, the
defendants were required to pay the plaintiff the first installment of `6
lacs, on or before 31.12.2014. Learned counsel for the plaintiff had
submitted that out of the first installment of `6 lacs, the defendants have
only paid a sum of `5 lacs and a sum of `1 lac was still outstanding.
2. In view of the aforesaid position, it was deemed appropriate to
direct the presence of the defendant No.3, authorized on behalf of the
defendants to sign the Settlement Agreement, to remain present today.
3. Defendant No.3 is present in court and states that a sum of `1 lacs
has been transferred through RTGS to the account of the plaintiff
yesterday and therefore, the first installment stands paid. Both the
parties point out that the balance agreed amount is to be paid in two
installments, the second installment of `10 lacs, being payable on or
before 31.3.2015 and the third and final installement of `19 lacs being
payable on or before 30.6.2015. They state that in terms of clause 7(iii)
of the Settlement Agreement, it was agreed by the parties that in event
the installments are not paid by the defendants on or before the due
dates, the delayed payment shall carry interest @ 18% p.a. on the
outstanding amounts. However, the Settlement Agreement is silent with
regard to the extent of default permitted to the defendants.
4. Learned counsel for the defendants states that it was agreed by
the parties before the Mediator, that the full and final amount would be
paid by the defendants in all circumstances, on or before 30.9.2015.
5. However, Mr.R.K.Bhasin, the proprietor of the plaintiff concern
states that it was agreed that full and final payment would have to be
made by the defendants on or before 30.6.2015.
6. The Settlement Agreement is silent as to the consequences of
default in payment of the final installment and the cut off date in case of
default. With the consent of the parties, it is recorded that the
defendants shall clear the entire agreed amount, on or before
31.8.2015, and in case of default, the interest payable shall be 18%
p.a., as agreed upon. It is further agreed that in the event of default in
paying the agreed amount by the defendants beyond 31.8.2105, the
entire amount paid by them to the plaintiff would stand forfeited and in
that eventuality, the plaintiff would be entitled to approach the Court
and seek revival of the suit.
7. Counsel for the defendants states that in terms of clause 7(v) of
the Settlement Agreement, both the parties had agreed that they would
file a joint application for release of the original title deeds of the
immovable property at Ranjit Nagar, New Delhi, owned by the defendant
No.4 and lying deposited in this court.
8. As the plaintiff and the defendant No.3 are present today, counsel
for the defendants state that the Registry be directed to release the
original title deeds of the aforesaid property in favour of the defendant
No.3. Mr.Bhasin, the proprietor of the plaintiff concern states that he
has no objection to the aforesaid request. Accordingly, the defendant
No.3 is permitted to approach the Registry through counsel for release of
the original title deeds, in terms of the Settlement Agreement.
9. With the aforesaid additional conditions, the Settlement Agreement
dated 7.11.2014, duly signed by the parties is taken on record, along
with the power of attorneys executed by the defendants No.2 & 4 in
favour of the defendant No.3 and enclosed with the Settlement
Agreement. The parties shall remain bound by the terms and conditions
of the settlement and the additional conditions recorded above. The suit
is disposed of alongwith the pending application in terms of the
settlement arrived at between the parties and recorded in the
Settlement Agreement and in this order, as noted above.
10. The plaintiff has claimed refund of the court fees in terms of
Section 16-A of the Court Fees Act.
11. Having regard to the fact that the suit has been settled through
the court annexed mediation, prior to the evidence being recorded, the
Registry is directed to issue a certificate in favour of the plaintiff for
refund of 50% of the court fees, as per law.
12. Both the parties who are present in Court, have affixed their
signatures on the margin of the last page of today's order sheet in
acknowledgment of the terms and conditions of the settlement as
recorded hereinabove.
(HIMA KOHLI)
FEBRUARY 05, 2015 JUDGE
mk
