Madras High Court
M/S. Southern Motorcycles vs Mr.S.Naseer Khan on 8 February, 2023
C.S.(Comm.Div.)No.5 of 2023
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 08.02.2023
CORAM
THE HONOURABLE MR.JUSTICE C.SARAVANAN
C.S.(Comm.Div.)No.5 of 2023
and
A.Nos.163 and 168 of 2023
M/s. Southern Motorcycles,
a Registered Partnership Firm,
Represented by its Partner,
Manjit Singh Nayar,
8C, State Bank Street, Mount Road,
Anna Salai, Chennai – 600 002. ... Plaintiff
Vs
1.Mr.S.Naseer Khan,
No.12, Subethar Hussain Street,
Border Thottam, Royapettah,
Chennai – 600 014.
2.Mr.Shahul Hameed,
No.12, Subethar Hussain Street,
Border Thottam, Royapettah,
Chennai – 600 014.
3.M/s.City and Company,
A Partnership firm,
Represented by its Partners,
S.Naseer Khan and Shahul Hameed,
No.7/4, V.N.Doss Road,
Mount Road, Chennai – 600 002. ... Defendants
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https://www.mhc.tn.gov.in/judis
C.S.(Comm.Div.)No.5 of 2023
Prayer: This Civil Suit is filed under Order IV Rule 1 of the Original Side
Rules read with Order XXXVII Rule 1 of the Code of Civil Procedure,
1908 read with Section 7 and 12 of the Commercial Courts Act, 2015,
prayed for a Judgment and Decree:-
a) directing the defendants to pay jointly and severally a total
sum of RS.1,27,94,604.04/- (Rupees One Crore Twenty-Seven Lakhs
Ninety-Four Thousand Six Hundred and Four and Four Paise Only)
consisting of Rs.86,29,434/- (Rupees Eighty-Six Lakhs Twenty-Nine
Thousand Four Hundred and Thirty-Four Only) as the principal due and
Rs.41,65,170.04/- (Rupees Forty-One Lakhs Sixty-Five Thousand One
Hundred and Seventy and Four Paise Only) as interest respectively at
15% per annum on the Principal sum as on 31.10.2022;
b) directing the defendants to jointly and severally pay future
interest at 15% per annum from the date of plaint till realization of the
principal sum i.e., Rs.86,29,434/-;
c) the costs of this suit.
For Plaintiff : Mr.H.Karthik Seshadri
For Defendants : Mr.Abhinav Parthasarathy
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https://www.mhc.tn.gov.in/judis
C.S.(Comm.Div.)No.5 of 2023
JUDGMENT
Today when the matter is taken up for hearing, the learned
Counsel for the plaintiff and the defendants have filed a Memorandum of
Compromise recording the satisfaction of the suit claim and the
settlement of inter se suit between the plaintiff and the defendants.
2. The Memorandum of Compromise dated 29.01.2023 had
been signed by the Plaintiffs and the Defendants. It has also been signed
by the learned Counsel for the plaintiff and the defendants.
3. The terms of the Memorandum of Compromise are as
follows:-
“1.The Defendants acknowledge and agree that they
are due and owing the plaintiff the sum of
Rs.86,29,434/- towards principal and
Rs.41,65,170.04/- towards interest, totaling a sum of
Rs.1,27,94,604.04/- (Rs.One Crore Twenty Seven
Lakhs ninety four thousand six hundred and four and
paise four only) as of 31.10.2022 and seek time to
repay the same to the plaintiff. Plaintiff is agreeable
to provide this time and not claim further interest,
https://www.mhc.tn.gov.in/judis
C.S.(Comm.Div.)No.5 of 2023
subject to the fulfillment of the conditions below.
2. The Defendants jointly and severally
undertake to pay the aforesaid sum of
Rs.1,27,94,604.04/- to the Plaintiff on or before
31.07.2023 (31st July 2023).
3.The Defendant No.1 as the absolute owner
of the Schedule Property has deposited the original
title deeds in respect of the Schedule Property with the
Plaintiff as a security to fulfill their obligation to
repay the amounts undertaken to be paid by them as
aforesaid. Defendants further undertake that they
shall not sell/mortgage/encumber the Schedule
Property in any manner without the express written
consent of the Plaintiff and undertake to pay the dues
outstanding to the plaintiff first.
4.Defendants agree that in the event of
default in paying the sum undertaken to the plaintiff,
as above, on or before 31.07.2023, the plaintiff shall
be entitled to claim interest at the rate of 15% per
annum on Rs.1,27,94,604.04 from 31.10.2022 till date
of realization along with all the costs associated in the
filing of the suit and in execution of this decree.
5.Furthermore, the Plaintiff shall be entitled
to without prejudice to other rights, execute this
https://www.mhc.tn.gov.in/judis
C.S.(Comm.Div.)No.5 of 2023
Compromise Decree by bringing the Schedule
property to Sale forthwith without any further notice
to the Defendants and adjust the sale proceeds
against the sum outstanding to the plaintiff.”
4. Since both the parties have agreed to the terms of
Memorandum of Compromise, the same is recorded and accordingly this
Civil Suit is decreed. No costs. The Joint Memo of Compromise shall
form part of the decree. Considering the fact, the order refund of the
Court Fee in terms of Section 69 A of the Tamil Nadu Court-Fees and
Suits Valuation Act, 1955. Registry is therefore directed to refund the
Court Fee to the Plaintiffs after due adjustments, in accordance with the
Rules. Consequently, connected applications are closed.
08.02.2023
Internet : Yes / No
Index : Yes / No
Speaking Order/Non-Speaking Order
jas
https://www.mhc.tn.gov.in/judis
C.S.(Comm.Div.)No.5 of 2023
C.SARAVANAN, J.
jas
C.S.(Comm.Div.)No.5 of 2023
and
A.Nos.163 and 168 of 2023
08.02.2023
https://www.mhc.tn.gov.in/judis
