Full Text
HIGH COURT OF DELHI
JUDGMENT
M/S. INTERNATIONAL COMBUSTION (INDIA) LTD..... Petitioner
AND
31098/2022 KULVINDER DISTRIBUTORS P LTD .....Petitioner
HON'BLE MR. JUSTICE TUSHAR RAO GEDELA Advocates who appeared in this case:
For the Petitioner in CM(M) 304/2022 (Item 67)
For the Respondent in CM(M) 666/2022 (Item 68)
: Mr. Varun Kapoor and Mr. H.C.
Kapoor, Advocates For the Respondent CM(M) 304/2022 (Item 67)
For the Petitioner in CM(M) 666/2022 (Item 68)
: Mr. Amit Sethi, Mr. Arpit Goel and Mr. Ekajhoma Sethi, Advocates
1. Learned counsels jointly submit that the parties have amicably resolved all their disputes and have recorded such settlement terms vide the Settlement Deed dated 09.11.2022, which has been filed on record vide Index No.368102 and is at page 19 of the same. [ The proceeding has been conducted through Hybrid mode ]
2. Learned counsels identify the signatures of the respective parties on the said settlement deed.
3. Learned counsels also submit that apart from the other terms which are recorded in writing in the settlement deed, para 6 of the said settlement deed, makes a reference to the observations made in the impugned order in respect of Mr. C.M. Chadha. Parties have agreed that so far as the reference to Mr. Chadha as a whole-time Director, Managing Director or Manager and the disentitlement under Section 96(3) of the Companies Act, 2013 is concerned, the same may be expunged and are not applicable in view of the provisions of Section 203 of the Companies Act, 2013 read with (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
4. Learned counsels submit that the aforesaid settlement has also been recorded by the learned Trial Court, and the consent decree also stands passed vide order dated 15.11.2022.
5. Learned counsels jointly submit that they would seek permission of this Court to withdraw the present petitions with the observations regarding the expunging of the observations regarding Mr. C.M. Chadha to be read as a part and parcel of the Settlement Agreement.
6. In view of the above terms of settlement as recorded in settlement agreement dated 09.11.2022, the petition is disposed of as settled and the observations mentioned in para 6 of the settlement regarding references to Mr. C.M. Chadha stand expunged in those terms.
7. The petitions are accordingly disposed of as settled with no order as to costs.
TUSHAR RAO GEDELA, J. MARCH 6, 2023