Pet Educational Industries Pvt Ltd v. Arpit Kapur

1. We had heard the learned counsel for the parties for some time on the previous date, i.e., 13.09.2023. Since we were informed that the matter could be settled, it was listed today.

2. Mr Puneet Kumar, learned counsel, who appears on behalf of the appellant, and Mr Amit Garg, who is the director and authorised representative of the appellant company, have joined the proceedings via video conferencing.

3. Mr Raghavendra Mohan Bajaj, learned counsel, who appears on behalf of the respondents, is physically present in the Court.

4. Mr Bajaj says that he has instructions to settle the matter on the terms given below. 4.[1] Mr Puneet Kumar and Mr Amit Garg also submit likewise.

5. Accordingly, the appeal is disposed of in the following agreed terms:

(i) The respondent, i.e., Mr Arpit Kapur will be paid in full and final settlement of his claims, which is the subject matter of the present appeal, Rs.3,80,000/- [inclusive of the interest quantified at Rs.40,000/-].

(ii) The respondent will issue an invoice in the name of the appellant company, i.e., Pet Educational Industries Pvt. Ltd. The invoice will bear the value of Rs.3,75,000/-.

(iii) Since the respondent had received an advance of Rs.35,000/-, the effective value of the invoice will get reduced to Rs.3,40,000/-, which is the figure reflected in Clause (i) above.

(iv) The invoice will be handed over to the appellant company or its counsel upon receipt of down-payment as indicated below: (a) The appellant company will pay, out of the agreed total sum [i.e., Rs.3,80,000/-], Rs.1,00,000/- as down-payment, on or before 03.10.2024.

(v) The balance amount, i.e., Rs.2,80,000/- will be paid on or before

18.11.2024.

(vi) The respondent will ensure that the appellant company gets credit of the

6. Mr Amit Garg, director of the appellant company, will file an undertaking before the Court in the form of an affidavit which will, inter alia, state that the terms of settlement, as indicated above, will be adhered to.

7. The respondent will also file an affidavit which would indicate that the obligations cast on him will be discharged.

8. Both the affidavits will be filed within one week. The learned counsel for the parties will exchange their respective affidavits filed with the Court.