Celestial Knits & Fabs Pvt Ltd v. M/S Atlantis Innovations & Others

1. This joint application has been filed by the parties stating inter alia that during the pendency of the present proceedings, they have arrived at a settlement, as recorded in the Settlement Agreement dated 11.02.2013, enclosed with the present application and marked as Annexure-A.

2. Counsels for the parties state that as per the terms and conditions of the settlement, the defendants have agreed to pay a sum of ?22 lacs to the plaintiff in full and final settlement of all the claims of the plaintiff against the defendants, subject matter of the present CS(OS) 1548/2010 2013:DHC:6686 rr suit. Additionally, the defendants have agreed to pay a sum of ?4 lacs to the plaintiff towards litigation expenses in the event of sale of a residential premises situated at Sainik Farm, owned by one Shri S.K. Chadha, proprietor of the defendant No.l and Director and authorised representative of the defendant No.2. The entire terms and conditions of the settlement are set out in paras 1 to 8 of the aforesaid Agreement.

3. Counsels for the parties state that the plaintiff has already received the first instalment of lac from the defendants, that was payable by 20.02.2013. Counsel for the defendants states that his clients undertake to pay the balance amount to the plaintiff, as agreed upon and recorded in the Agreement. Counsels for the parties jointly state that the suit may be decreed in terms of the aforesaid settlement.

4. The Court has perused the application. The same has been signed by Mr. Rajeev Bansal, authorised representative of the plaintiff and Shri Sandeep Chadha, Director and authorised representative of the defendant No.2, who is also the proprietor of the defendant No.l. The present application is supported by the affidavits of the aforesaid signatories to the application. The parties are also present in Court and confirm liaving signed the compromise application as also the Settlement Agreement dated 11.02.2013.

5. In view of the fact that the parties 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 same. The parties shall remain bound by the terms and conditions of the settlement, as recorded in the application and the Settlement Agreement dated 11.02.2013. The application is allowed. The suit is decreed in terms of the settlement arrived at between the parties, while leaving the parties to bear their own costs. HIMA KOHLI, J MARCH 14, 2013 rkb/sk