- (1.) I .A.No.1597/2015 (joint application u/O XXIII R -3 CPC) The present application has been jointly filed by the parties stating inter alia that the subject matter of the present suit was referred for mediation along with CS(OS)No.2666/2008, a suit pending between the same parties and the disputes raised in both the suits have been finally settled in terms of the Settlement Agreement dated 15.1.2015.
(2.) COUNSELS for the parties state that the terms and conditions of the settlement have been partly set out in the Closure Agreement dated 14.1.2015, annexed with the application and the remaining terms are contained in para 7 of the Settlement Agreement dated 15.1.2015. In terms of the settlement, the plaintiff has agreed to withdraw both the pending suits and on the said condition, the defendant has agreed to pay a sum of Rs.29,01,103.20 paise to the plaintiff in full and final payment. Further, the plaintiff has agreed to handover the original extension of the Bank Guarantee No.25/09 dated 18.2.2009 to the defendant in terms of para 7(iii) of the Settlement Agreement.
(3.) COUNSEL for the defendant states that his client has received the aforesaid Bank Guarantee and assures the Court that the agreed amount shall be remitted in the account of the plaintiff furnished by the counsel for the plaintiff, within the agreed timeline. The Court has perused the Settlement Agreement dated 15.1.2015. The same has been signed by the authorized representatives of plaintiff and the defendant as also by their respective counsels and the learned Mediator. Enclosed with it is the Board of Directors Resolution dated 28.10.2014 in favour of the authorized representative of the plaintiff/Company and a Special Power of Attorney executed in favour of the authorized representative. The Closure Agreement dated 14.1.2015 has also been signed the parties.;