Delhi High Court
Hindustan Engineering And ... vs Spicejet Limited & Ors. on 11 May, 2023
2023:DHC:3280-DB
$~24
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Judgment delivered on: 11.05.2023
+ CO.APP. 2/2018 & CM APPL. 28525/2021 & CM APPL.
22234/2023
HINDUSTAN ENGINEERING AND INDUSTRIES LIMITED
(PRIOR TO MERGER KNOWN AS MALANPUR STEEL
LIMITED ..... Appellant
versus
SPICEJET LIMITED & ORS. ..... Respondents
Advocates who appeared in this case:
For the Appellant: Mr. Hrishikesh Baruah with Ms. Apoorva Jain,
Advocates with AR of appellant in person.
For the Respondent: Mr. Abhishek Sharma, Advocate for R-1
Mr. Ajeet Shukla with Mr. Tarang Gupta and Mr.
Kartikey, Advocates for respondent Nos.2 to 4.
CORAM:-
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
HON'BLE MR. JUSTICE MANOJ JAIN
JUDGMENT
SANJEEV SACHDEVA, J. (ORAL)
1. Appellant in these proceedings impugns order dated 11.01.2018
whereby the Company Court has held that the transfer of 40,48,200
shares by the appellant was fishy and the transfer was declared as
non-est. It was further directed that the remaining pledged shares be
released to the registered owners i.e. respondent nos. 2 to 4 (herein).
Signature Not Verified
Digitally Signed
Signing Date:12.05.2023
14:13:24
2023:DHC:3280-DB
2. Appellant as well as respondent nos. 2 to 4 have settled their
disputes and the settlement agreement dated 06.04.2023 has been
executed. The authorized representative of the appellant Mr. M.L.
Birmiwala as well as authorized representative of respondent no. 2 to
4 - Mr. Ramesh Prasad are personally present in Court.
3. They both confirm the settlement agreement and undertake to
perform the respective obligations under the agreement.
4. The undertakings are taken on record.
5. We have perused the settlement terms and find the same to be
lawful.
6. Learned counsel for the appellant seeks leave to withdraw the
appeal.
7. The appeal is consequently dismissed as withdrawn.
8. It is noticed that pursuant to orders dated 05.03.2018 and
29.03.2022 in these proceedings, certain fixed deposit receipts have
been deposited with the Registrar General of this Court.
9. It is agreed between the parties to the agreement, inter-alia, the
appellant and respondent nos. 2 to 4 that the fixed deposit receipts
(though in the name of respondent nos. 2 to 4) be encashed and the
entire amount realized from enchasment of the fixed deposit (along
with interest accrued thereon) be distributed in the manner as provided
in Clause 4 of the settlement agreement.
10. In view of the settlement between the parties and withdrawal of
Signature Not Verified
Digitally Signed
Signing Date:12.05.2023
14:13:24
2023:DHC:3280-DB
the appeal, the Registry is directed to liquidate the fixed deposits and
disburse the amount as provided in Clause 4 of the settlement
agreement dated 06.04.2023.
11. The concerned banks which have issued the fixed deposits are
directed to liquidate the same and credit the entire amount of the fixed
deposit along with interest accrued thereon in favour of the Registrar
General of this Court for disbursal in accordance with Clause 4 of the
settlement agreement dated 06.04.2023.
12. The appeal is accordingly disposed of in the above terms.
SANJEEV SACHDEVA, J
MANOJ JAIN, J
MAY 11, 2023
'rs'
Signature Not Verified
Digitally Signed
Signing Date:12.05.2023
14:13:24
