M/S IL&FS FINANCIAL SERVICES LTD. AND ANOTHER. Vs. STATE AND ANOTHER.
LAWS(SC)-2016-6-65
SUPREME COURT OF INDIA
Decided on June 02,2016

M/S IlAndFs Financial Services Ltd. And Another. Appellant
VERSUS
State And Another. Respondents

JUDGEMENT

- (1.) We have heard learned Senior counsel appearing for the parties.
(2.) These matters came up for final hearing when the parties appeared before us and submitted that the matters have already been settled. The Settlement Agreement duly entered into between the parties has also been filed before this Court by way of an affidavit.
(3.) It appears that when the matters were listed earlier, this Court by an Order dated 9-9-2015 was pleased to refer the matter before Hon'ble Mr. Justice R.V. Raveendran, a retired Judge of this Court, to act as the Mediator with a request to the learned Mediator to enter into mediation between the parties in the first week of October, 2015, if possible. That this Court felt the desirability of an amicable settlement having regard to the nature of transaction involved, is discernable from the following extract of the order dated 9-9-2015:- "We have sent the matter for mediation hoping that the parties and the learned counsel appearing for them shall endeavour to settle the dispute so that a climate of settlement is established in this country in the field of financial cavils and the matters of this nature do travel to police station. They must remember the age old saying "A prosperous economy is founded on faith".;


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