Karnataka High Court
M/S Slr Metaliks Ltd vs M/S Ion Exchange (India) Ltd on 11 March, 2025
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NC: 2025:KHC:10244-DB
COMAP No. 148 of 2023
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 11TH DAY OF MARCH, 2025
PRESENT
THE HON'BLE MR JUSTICE V KAMESWAR RAO
AND
THE HON'BLE MR JUSTICE T.M.NADAF
COMMERCIAL APPEAL NO. 148 OF 2023
BETWEEN:
M/S SLR METALIKS LTD.,
SHOP NO. G-19, MANGALAM PARADISE MALL,
502, ROHINI, SECTOR-3,
NEW DELHI-110 085,
PLANT AT NO. 632,
NARAYANADEVARAKERE VILLAGE,
LOKAPPANAHOLLA,
H.B. HALLI TALUK,
BALLARI-583 222.
REP. BY ITS AGM,
NAGENDRA SAI VARAPRASAD,
HAVING BRANCH OFFICE AT NO.5,
(OLD NO.26), LAXMI NIVAS,
Digitally
signed by K G GROUND FLOOR,
RENUKAMBA 3RD CROSS, 8TH MAIN, RMV EXTENSION,
SADASHIVANAGAR,
Location:
BENGALURU-560 080.
High Court of
Karnataka ...APPELLANT
(BY SRI. ABHISHEK .R, ADVOCATE FOR
SRI. PAVAN SAGAR, ADVOCATE)
AND:
M/S ION EXCHANGE (INDIA) LTD.,
ION HOUSE, DR. E.MOSES ROAD,
MAHALAKSHMI, MUMBAI-400 011.
ION HOUSE, C-72, AND 83, ITI,
ANCILLARY INDUSTRIAL ESTATE,
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COMAP No. 148 of 2023
MAHADEVAPURA,
BENGALURU-560 048.
...RESPONDENT
(BY SRI. RAJESH KUMAR .V, ADVOCATE FOR
SRI. P. NEHRU, ADVOCATE)
THIS APPEAL IS FILED UNDER SECTION 13 (1A) OF THE
COMMERCIAL COURTS ACT, PRAYING TO SET ASIDE THE
JUDGMENT DATED 06/02/2023 PASSED BY THE COURT OF THE
LXXXVIII ADDL. CITY CIVIL AND SESSIONS JUDGE
(EXCLUSIVE COMMERCIAL COURT) BENGALURU CITY (CCH-89)
IN COM.A.P.NO.77/2021 AND ETC.
THIS APPEAL COMING ON FOR ORDERS THIS DAY,
JUDGMENT WAS DELIVERED THEREIN AS UNDER:
CORAM: HON'BLE MR JUSTICE V KAMESWAR RAO
and
HON'BLE MR JUSTICE T.M.NADAF
ORAL JUDGMENT
(PER: HON'BLE MR JUSTICE V KAMESWAR RAO)
1. A memorandum of compromise petition has been
filed under Order XXIII Rule 3 read with Section 151 of Code of
Civil Procedure, by the parties herein i.e., the appellant and the
respondent.
2. M/s.SLR Metaliks Limited (the appellant),
represented by Mr.B.Nagendra Sai Vara Prasad, Senior AGM-
Utilities and M/s.Ion Exchange (India) Limited (respondent),
represented by Mr.H.Hassan, Deputy Manager, Accounts,
Hosur, as identified by their respective counsel, are present in
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the Court. Mr.H.Hassan has filed an Authority letter dated
11.03.2025, in his favour and the same is taken on record.
3. Paragraph Nos. 1 to 4 of the memorandum of the
compromise petition reads as under:
"1. The present appeal has been filed
before this Hon'ble court by the Appellants
herein being aggrieved by the judgment and
decree dated 06.02.2023 passed by the
learned LXXXVIII Addl. City Civil and Sessions
Judge at Bengaluru in Com.A.P. No. 77/2021
as well as the arbitral award dated
07.08.2021 passed by the arbitral tribunal of
the learned sole arbitrator.
2. It is submitted that during the pendency of
the present appeal, since both the claimant
and the Respondent are reputed companies
and have had good relations in the past, at
the intervention of well-wishers of both the
parties, both the parties herein have come
together to amicably resolve their disputes
and reach a settlement as per the terms
mentioned herein below:
i. The Appellant herewith
acknowledge and accept the liability
of Rs. 16,02,978/- as held by the
learned arbitral tribunal to be paid
to the Respondents.
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ii. The Respondents hereby accept
that the sum of Rs.16,02,978/- shall
be full satisfaction of the amounts
due to the Respondents and payable
under the present arbitral claim.
The Respondents further admit and
acknowledge that the sum of Rs.
16,02,978/- shall not carry any
interest.
iii. The Appellant having already
deposited 20% of the total sum of
Rs. 16,02,978 i.e., 3,20,596/-before
the learned trial court, the Appellant
/ Petitioner shall be at liberty to
withdraw the same and the
Respondent shall have no objection.
iv. As per the terms of the
settlement the Appellant has paid
the full satisfaction sum of Rs.
16,02,978/- to the respondent as
hereunder:
1) Rs. 12,82,382/- by way
of a demand draft No.
103016 dated 19.12.2024
drawn on State bank of
India, Bangalore, &
2) Rs. 3,20,596/- by way of
a demand draft No. 103525
dated 01.03.2025 drawn on
State bank of India,
Bangalore on this date
before this Hon'ble court
and the same is
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acknowledged by the
Respondents.
v. Both the parties hereby request
this Hon'ble court to pass an order
directing the learned LXXXVIII Addl.
City Civil and Sessions Judge at
Bengaluru before whom the
Appellants herein have deposited a
sum of Rs. 3,20,596/- in Com. A.P.
No. 77/2021, to release the same in
favour of the Appellant herein.
vi. All the parties to the compromise
hereby admit and acknowledge that this
compromise shall be binding on them
and that they have signed the
compromise petition out of their own
free will and volition without any
manner of coercion, influence having
had their respective counsels explain it
to them in their mother tongue.
vii. Both the parties hereby agree and
undertake to do all and any further acts
that may be necessary to give effect to
the terms of the compromise as entered
into herein above.
4. In view of the above facts and
circumstances, it has become just and
necessary to present the present compromise
petition and pray this Hon'ble court to accept
and record the same and to pass a decree in
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terms thereof in the interest of justice and
equity."
4. Mr.B.Nagendra Sai Vara Prasad, representative of
the appellant, has handed over two Demand Drafts to
Mr.H.Hassan, representative of the respondent, for the
amounts of Rs.12,82,382/- and Rs.3,20,596/- as per the details
of the demand drafts mentioned in Para No.2(iv)(1) and (2) of
the memorandum, that is, demand draft Nos.103016 and
103525. The same have been acknowledged by the
representative of the respondent
5. The learned counsel for the appellant states that,
the amount of Rs.3,20,596/-, which has been deposited by the
appellant before the LXXXVIII Additional City Civil and Sessions
Judge at Bengaluru in Com.A.P.No.77/2021, be directed to be
released in favour of the appellant herein (Clause 2(v)).
6. Learned counsel for the respondent agreeing to the
fact that, the said amount has been deposited before the
aforesaid Court, state that, the said amount be released in
favour of the appellant. If that be so, the appellant shall file an
application before the LXXXVIII Additional City Civil and
Sessions Judge at Bengaluru, which will pass an order for
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release with accrued interest if any, after ascertaining from the
Registry of the said Court.
7. The representatives of the parties and the counsel
state that, the parties shall be bound by the terms of the
settlement.
8. The memorandum of settlement and their
statements are taken on record.
9. Accordingly, the appeal is disposed of.
10. Pending I.A.No.1/2023 for stay do not survive for
consideration and stands disposed of.
Sd/-
(V KAMESWAR RAO)
JUDGE
Sd/-
(T.M.NADAF)
JUDGE
SMC
