Madras High Court
M/S. Yantra Fintech (I) Ltd vs M/S. Biomax Fuels Limited on 27 January, 2021
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 27.01.2021
CORAM:
THE HON'BLE JUSTICE C.V.KARTHIKEYAN
C.S.No.348 of 2020
and O.A.No.654 of 2020
and A.No.74 of 2021
M/s. Yantra Fintech (I) Ltd.,
Having its Office at
No.8, Karpagam Garden,
6th Cross Street,
Adyar, Chennai - 600 020
Represented by its Managing Director,
Mr.N.S.Balamukundan,
Son of Late.Sri.N.S.Parthasarathi ... Plaintiff
..Vs..
1.M/s. Biomax Fuels Limited,
Having its registered Office at
Plot No.S & T Visakhapatnam
Special Economic Zone,
Duvvada, Vishakapatnam - 530 049
State of Andhra Pradesh.
2.M/s. IMC Limited,
Having its registered Office at
P.T.Lee Chengalvaraya Naicker Maaligai,
3rd Floor, Rajaji Salai,
Chennai - 600 001. ... Defendants
1/14
https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
PRAYER : Plaint filed under and Order VII Rule 1 CPC Read With Order
IV Rule 1 of Original Side Rules and Section 7 of the Commercial Courts,
Commercial Division and Commercial Appellate Division of High Courts
Act, 2015, prayed for a Judgment and Decree against the defendants:-
(a) granting permanent injunction restraining the defendants herein
their men, servants or agents or anyone claiming under them from in any
manner interfering with the right of the plaintiff to remove and transport
2211.854 MT of Biodiesel processed by the first defendant for the plaintiff
lying in tank IMC-16 of the second defendant herein at Vishakapatnam Port.
(b) direct the defendants to pay the plaintiff the costs of the suit.
For Plaintiff : M/s.ARL.Sundaresan,
Senior Counsel
Assisted by Ms.AL.Ganthimathi
and Mr.A.R.Karthick Lakshmanan
For Defendant 1 : Mr.S.R.Sundar
For Defendant 2 : Mr.Vijay Narayan, Advocate
General for Mr.K.Gowtham Kumar
*******
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https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
JUDGMENT
A Joint Memo of Compromise under Order 23 Rule 1 of the Code
of Civil Procedure dated 26.01.2021 had been presented in Court earlier in
the day to day / 27.01.2021.
2. Heard Mr.ARL.Sundaresan, learned senior counsel on behalf of
the plaintiff, Mr.S.R.Sundar, learned counsel for the first defendant and
Mr.Vijay Narayan, learned Advocate General on behalf of the second
defendant. Mr.ARL.Sundaresan was instructed by Ms.AL.Ganthimathi and
Mr.A.R.Karthick Lakshmanan and the learned Advocate General was
instructed by Mr.K.Gowtham Kumar, learned counsel.
3. This Joint Memo of Compromise had been signed by the
Managing Director on behalf of the plaintiff and by the Authorized
Signatory on behalf of the first defendant and by the Authorized Signatory
on behalf of the second defendant.
https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
4. The terms of the Joint Memo of Compromise are extracted
below:
"2. The Plaintiff has initiated the above suit for
release of Biodiesel stored by the 1st defendant in the
tanks of the 2nd defendant. The 2nd defendant has
claimed lien over the said product stored in the tanks
towards the outstanding amounts due from the 1st
defendant. The total amount outstanding and payable by
the 1st defendant to the 2nd defendant as on 31st
December 2020 is Rs.4,26,76,835/- (Rupees Four Crores
Twenty Six Lakhs Seventy Six Thousand Eight Hundred
Thirty Five). The plaintiff has agreed, in the light of
urgency for release of the Biodiesel stored in the tanks of
the 2nd Defendant, to pay a sum of Rupees Four crores ten
lakhs (Rs.4,10,00,000/-) till 31st December 2020 under the
Terminalling Services Agreement (TSA) dated 6th January
2020 between the 1st and 2nd defendant in terms of the
present JMOC.
https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
3. The 2nd Defendant has agreed to receive a
sum of Rupees Four Crores and Ten Lakhs
(Rs.4,10,00,000/-) from the plaintiff towards the dues
payable by the 1st defendant to the 2nd defendant till 31st
December 2020 in terms of the present JMOC. The
balance amount of Rupees Sixteen Lakhs Seventy Six
Thousand Eight Hundred Thirty Five only (Rs.16,76,835/-)
outstanding and payable by the 1st defendant upto 31st
December 2020 under the TSA is being adjusted from the
advance available with the 2nd defendant from the 1st
defendant. The balance advance of Rupees Five Lakhs
Eighteen Thousand Four Hundred and Nineteen only
(Rs.5,18,419/-) that is lying with the 2nd Defendant is
adjusted towards the charges payable by the 1st Defendant
under the TSA for the period from 1st January 2021 to
15th February 2021.
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C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
4. The Plaintiff agrees to pay the sum of
Rs.4,10,00,000/- (Rupees Four Crores and Ten Lakhs
only) to the 2nd defendant in the following manner:
a. Rs.3,10,00,000/- (Rupees Three Crores and
Ten Lakhs only) shall be paid by the plaintiff
to the 2nd defendant immediately after the
execution of this agreement to the credit of
Current Account Number 00040330005354 in
the name of the 2nd defendant (IMC Limited)
with HDFC Bank Limited at the branch of 759,
ITC Centre, Anna Salai, Chennai - 600 002,
IFSC Code of the bank branch for RTGS or
NEFT is HDFC0000004; and
b. The plaintiff agrees that
Rs.1,00,00,000/- (Rs.One Crore only) which
was deposited by the plaintiff to the credit of
Registrar General, Madras High Court
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C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
pursuant to the order passed by Hon'ble
Madras High Court dated 08.12.2020 shall be
paid to / withdrawn by the 2nd defendant
under this JMOC.
5. Upon receipt of payment mentioned in Clause
4(a) above the 2nd defendant, without awaiting the actual
receipt of amount in Clause 4(b), shall release Bio-diesel
currently stored at Tank IMC 16 as per the directions of
the plaintiff.
6. The 1st defendant unconditionally,
unequivocally and irrecovably agrees and acknowledges
that the plaintiff is paying the sum of Rs.4,10,00,000/-
(Rupees Four Crores and Ten Lakhs only) on its behalf to
the 2nd defendant. The said amount shall be repaid by the
1st defendant to the plaintiff on or before 31st March 2021
together with interest at 22% p.a., and that the 1st
defendant shall execute such deeds, documents or writings,
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C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
as is called upon by the plaintiff for securing the said
payment with interest, failing which the plaintiff is entitled
to initiate suitable civil and criminal proceedings against
the 1st defendant including for contempt of the orders of
this Hon'ble Court. In the event of failure of the 1st
defendant to make the said payment within the stipulated
period, the plaintiff is entitled to recover the same from the
1st defendant, without recourse to the 2nd defendant. The
present JMOC does not in any manner prejudice the rights
of the plaintiff to proceed against the 1st defendant for
recovery or such other claims as is available to it under
the law.
7. The plaintiff and the 1st defendant shall have
no claim against the 2nd defendant or any of its
subsidiaries, group companies, towards demurrages, dead
freight or any other charges or claims, in respect of the
Vessel MT.TIRTASARI or any other vessel or any other
issues between the parties including quality of the Bio-
https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
Diesel. The 2nd defendant shall have no claims against
the plaintiff or the release of Bio-diesel in Tank IMC-16
after receipt of payment as per Clause 4. The plaintiff and
2nd defendant agree that the statements made in the
pleadings in the above suit, and issues raised in the notice
issued by the parties are also resolved as between
themselves and they shall have no claims against each
other in that respect.
8. As regards the UCO stores by the 1st
defendant in Tank Nos. JRE 9, JRE 13 and IMC 5, it is
agreed amongst the parties that UCO presently lying at
JRE 9 and JRE 13 shall be transferred to IMC 5. The
parties have agreed that the 1st defendant shall pay the
2nd defendant a sum of Rupees Ten Lakhs Ninety Seven
Thousand Two Hundred and Forty Nine only
(Rs.10,97,249/-) on or before 15th February 2021 and
only upon payment of the said amount within the said date
the 2nd defendant shall release the UCO on the directions
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C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
of the 1st defendant. In the event of any default of this
Clause the 2nd defendant shall have the rights to proceed
against the 1st defendant in terms of the TSA.
9. The 1st defendant agrees, confirms and
undertakes to fully cooperate for the completion of all the
terms of this JMOC.
10. In light of the above, it is prayed that this
Hon'ble Court be pleased to record this Joint
Memorandum of Compromise and dispose of the suit and
all connected applications in terms of this Joint
Memorandum of Compromise and thus render justice.
11. It is prayed that this Joint Memorandum of
Compromise may be treated as part of the records.
Dated at Chennai on this the 26th day of
January 2021.
https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
sd/- sd/- sd/-
Plaintiff 1st Defendant 2nd Defendant
sd/- sd/- sd/-
Counsel for Plaintiff Counsel for Counsel for
1st Defendant 2nd Defendant"
5. When the matter was called up earlier in the day to day,
Mr.N.S.Balamukundan, Chairman and Managing Director of the plaintiff
also appeared through Video Conferencing. The first defendant was
represented by Mr.Ravinder, Chairman / Managing Director and the second
defendant was represented by the Chief Executive Officer A.Beer Ali and
also by its Legal Officer Mr.Lakshmi Narasimhan, who were also present
through Video Conferencing. They and learned senior counsels / counsels
affirmed the Memo of Compromise.
6. In view of the Joint Memo of Compromise, the suit is decreed in
accordance with the same.
https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
7. There is also another issue. The plaintiff had deposited a sum
of Rs.1,00,00,000/- (Rupees One Crore only) to the credit of the suit by
direction dated 08.12.2020. In para 4(b) of the Joint Memo of Compromise
extracted above, the plaintiff had agreed that the said amount shall be paid to
/ withdrawn by the second defendant.
8. Accordingly, the Registry may, after following due procedure,
release the said amount now lying to the credit of the suit in C.S.No.348 of
2020 to the sum of Rs.1,00,00,000/- (Rupees One Crore only) which has
been deposited to the plaintiff and issue a cheque in favour of the second
defendant M/s. IMC Limited / without insisting on a separate application to
be presented by the second defendant in this regard. The cheque may be
issued to a responsible Officer duly authorized for such purpose by the
second defendant on proper identification and necessary undertaking given
by the said Officer who receives the cheque on behalf of the second
defendant. The cheque may also be issued, in the alternative to the learned
counsel on record for the second defendant.
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C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
9. The suit is decreed in accordance with the Joint Memo of
Compromise. No order as to costs. Consequently, the O.A.No.654 of 2020
closed and A.No.74 of 2021 also closed. The Joint Memo of Compromise
shall form part of the decree.
27.01.2021
Index : Yes / No
Web : Yes / No
rna
https://www.mhc.tn.gov.in/judis/
C.S.No.348 of 2020, O.A.No.654 of 2020, A.No.74 of 2021
C.V.KARTHIKEYAN, J
rna
C.S.No.348 of 2020
and O.A.No.654 of 2020
and A.No.74 of 2021
27.01.2021
https://www.mhc.tn.gov.in/judis/
