Rajinder Kumar Bidaney v. Jugal Kishore Uppal

1. The parties have settled their disputes and the Settlement Agreement dated 17^' May 2012 has been placed on record. The agreement has been signed by the Petitioner, the Respondent as well as Smt. Rajnana Uppal, wife of the Respondent. All these three parties identified by respective counsel are present in the Court and affirm that they have signed the aforementioned Settlement Agreement. It is prayed that the petition be disposed ofin terms thereof.

2. Para Nos.6(d)and(e)ofthe agreement are as under: "6.(d)It has been agreed between the parties that a sum of Rs.1,29,57,487.06(Rupees One Crore Twenty Nine Lakhs Fifty Seven Thousand Four Hundred Eighty Seven and paise Six Only)shall be paid by the third party to the first party towards 49% share ofthe first party, by way oftwo Managers Cheques ARB.F.No.182of2010 Puge 1 of[3] fpO / one for Rs.1,25,00,000(One Crore Twenty Fivo Lacs Only)and another for R.4,57,488(Four Lacs Fifty Seven Thousand Four Eighty Eight Only) both bearing Nos.465060 and another 465181, both drawn on Punjab National Bank, New Rajinder Nagar, New Delhi, dated 09"^ April 2012 and 20^'^ April 2012 respectively. (e) It has been agreed between the parties that a sum of Rs.2,64,438 (Two Lacs Sixty Four Thousand Four Hundred Thirty Eight) shall be paid by the third party to the first party towards 1% share ofthe first party in the said firhi, by way of Managers Cheque bearing No.465180, drawn on Punjab National Bank, New Rajinder Nagar, New Delhi, dated 20^*^ April 2012 after which the retiring party shall have no right on the assets ofthe said partnership firm and no obligation towards the further liabilities of the firm. The second and third parties shall share' the Profits & Losses of the partnership firm, equally." 3, In terms of the above clauses, three demand drafts (DDs) have been handed over by the counsel for the Respondent to the Petitioner, who acknowledges receipt thereof. The details of,the said DDs have been mentioned in paras 6(d)and 6(e)ofthe Settlement Agreement.

4. The status quo order dated 20"^ January 2011 passed by this Court is hereby vacated. In terms ofPara No.6.(j)ofthe Settlement Agreement,the Petitioner willissue No Objection and Release Deed to the Managers ofthe ARB.P.No.I82of2010 Page2of[3] concerned Banks and also execute other documents/deeds as stated therein. The SettlementAgreementdated 17'^ May2012isto be read asforming part ofthis order. The parties thereto are bound by its terms.

5. The petition and the application are disposed ofin the above terms. ( J S.MURALIDHAR,J MAY 23,2012 bs ARB.P. No.182of2010 Page3of[3]