Susheel Abrol v. Rainbow Papers Ltd

1. Pursuant to the parties being referred to the Delhi High Court Mediation and Conciliation Centre, a Settlement Agreement dated 27.08.2015 has been placed on record and the terms and conditions of the settlement have been recorded in para 4 thereof.

2. Counsels for the parties state that in accordance with the terms and conditions of the settlement, the defendant has agreed to pay a sum of Rs.26.00 lacs to the plaintiff in full and final settlement of all its claims, out of which amount a Demand Draft for a sum of Rs.6.00 lacs has already been handed over to the plaintiff and duly encashed. The parties have agreed that the balance sum of Rs.20.00 lacs shall be paid by the defendant in four equal instalments of Rs.5.00 lacs each, on or before the 7th day of every month commencing from October, 2015 and ending in January, 2016, through RTGS. 2015:DHC:7299 CS(OS) 695/2014

3. Counsels for the parties state that the suit may be decreed in terms of the Settlement Agreement dated 27.8.2015.

4. The Court has perused the Settlement Agreement. The same has been signed by the sole proprietor of the plaintiff company and the authorized representative of the defendant company and their respective counsel and the learned Mediator.

5. As the counsels for the plaintiff and the defendant jointly state that they have arrived at the aforesaid settlement of their own free will and volition and without any undue influence or coercion from any quarters, there appears no legal impediment in accepting the settlement. The Settlement Agreement dated 27.8.2015 is taken on record. The parties shall remain bound by the terms and conditions of the said settlement.

6. The suit is decreed in terms of the Settlement Agreement dated 27.8.2015. Decree sheet be drawn accordingly.

7. The suit is disposed of along with the pending application, while leaving the parties to bear their own expenses.

8. File be consigned to the record room. HIMA KOHLI, J SEPTEMBER 03, 2015 sk