- (1.) Mr. Keshav Mohan, learned counsel for the appellant and Mr. Nikhil Nayyar, learned counsel for the respondent mentioned the matter, stating that the controversy between the parties has been put to rest. In view of the aforesaid, the appeal was called for and taken up for hearing.
(2.) We need not state the facts that gave rise to the controversy at hand. Suffice it to mention that the parties have entered into settlement on 13.10.2017. The Memorandum of Settlement reads as follows:- "This Memorandum of Settlement ("MOS") is executed at New Delhi on this 13th day of October, 2017; BETWEEN Aastha Broadcasting Network Ltd. (formerly CMM Broadcasting Network Ltd.), a Limited Liability Company registered under the Companies Act, 1956 acting through Kishan Vir Sharma working as Chairman and Managing Director with Aastha Broadcasting Network Ltd. having office at Unit no. 213, Mezzanine Floor, Morya Landmark, 1, Off Link Road, Andheri (West), Mumbai 400053, India, hereinafter shall be referred to as the "ABNL/First Party" [which expression shall include their assignees, representatives, successor-in-interests, transferees, and any person claiming through or by it.] And Thaicom Public Company Ltd., a Company registered under the Laws of Thailand acting through Mr. G.P. Das, the Constituted Attorney having office at 408, ABW Tower, M.G. Road, Gurugram, Haryana. The party mentioned hereinabove referred to as "TPCL/Second Party" [which expression shall include their assignees, representatives, successor-in-interests, transferees, and any person claiming through or by them.] WHEREAS ABNL/First Party entered into two agreements vide Agreement dated 29.5.2000 and 8.1.2001 ("said agreements") to hire/avail the services of satellite space segment of TPCL/Second Party. AND WHEREAS some disputes arose between the parties in respect of the said agreements and ABNL vide letter dated 12.9.2003 invoked the Arbitration Clause of the said Agreement as contained under Clause 14 of the said agreements. AND WHEREAS the Arbitral Tribunal passed an ex-parte Award dated 3.4.2011 in favour of TPCL and against ABNL for a sum of US$ 10,16,603.78 along with interest from the date of award till payment @ 18% per annum along with half of the Arbitral proceeding cost ("the award"). AND WHEREAS the said ex parte award dated 3.4.2011 was assailed by ABNL vide Petition under Section 34 of the Arbitration and Conciliation Act, 1996 bearing OMP No. 528/2011 before Hon'ble Delhi High Court. The said Petition was dismissed vide Judgment dated 3.8.2011. ABNL/First Party challenged the said Judgment passed in OMP vide FAO (OS) no. 411/2011 before Hon'ble Division Bench of Delhi High Court and vide Judgment dated 1.12.2011, the said FAO (OS) was dismissed. AND WHEREAS ABNL challenged the Judgment dated 1.12.2011 passed in said FAO (OS) before Hon'ble Supreme Court of India vide SLP (C) No. 3296/2012 (now Civil Appeal No. 4955/2016). TPCL, however, filed an Execution Petition bearing No. 768/2011 before the Hon'ble High Court of Judicature at Mumbai which is also pending as on date. AND WHEREAS the Hon'ble Supreme Court vide order dated 25.2.2013 was pleased to issue Notice of the said SLP to ABNL subject to furnishing of Bank Guarantee ("BG") for an amount of L 2.5 crores and same was furnished by ABNL on 20.3.2013 which has been renewed from time to time and as on date it is live. AND WHEREAS during the pendency of the proceeding before the Hon'ble Supreme Court, both parties intended for an amicable resolution of disputes and entered into negotiation for a comprehensive settlement and this factum was recorded in the Order dated 8.2.2017 passed by the Hon'ble Supreme Court. AND WHEREAS the Parties - ABNL an TPCL after extensive deliberation, discussion and negotiation, have arrived at an amicable mutual settlement and have reduced the same into this MOS. NOW THIS MEMORANDUM OF SETTLEMENT WITNESSETH AS FOLLOWS: - 1. That the First Party/ABNL gives an undertaking to the Hon'ble Supreme Court that it shall remit a sum of USD 3,75,000/- ("Settled amount") to Second Party/TPCL as Full and Final Payment, which shall be inclusive of all claims/demand of TPCL towards ABNL under the said agreements. The statutory tax deductions, as applicable, shall be made on the settled amount and necessary certificate in respect thereof shall be furnished by ABNL to TPCL as per Income Tax Rules. 2. The parties shall forthwith file the present MOS before the Hon'ble Supreme Court in the pending C.A. No. 4955 of 2016 and make a joint application requesting the Hon'ble Supreme Court to dispose of the said appeal in terms of the present MOS. 3. That upon passing of the order by the Hon'ble Supreme Court on the present MOS, ABNL shall immediately apply for necessary regulatory permission/clearances for remittance of Forex from RBI/other statutory body as required under law. 4. On receipt of the permission from RBI/competent authority, ABNL may withdraw the BG deposited before the Hon'ble Supreme Court by ABNL in terms of the Order dated 20.3.2013. ABNL undertakes that the amount covered by the said BG shall be used solely for the purpose of remittance of the amount to TPCL in fulfillment of the present MOS. 5. The settled amount net of taxes as stated above shall be credited within 45 (forty five) days from the date of the release of the BG by the Hon'ble Supreme Court, as referred to in para 4 above. The TDS certificate for the tax deducted and deposited shall also be handed over by ABNL/First Party to TPCL/Second Party within the aforesaid 45 (forty five) days. In case the settled amount net of taxes is not credited to the account of Second Party/TPCL and the TDS certificate is not furnished by ABNL/First Party to Second Party/TPCL within the said period of 45 (forty five) days, this settlement shall stand revoked and the Decree in terms of the Award shall revive and the Second Party/TPCL shall be entitled to proceed with Execution Petition bearing No. 768/2011 before the Hon'ble High Court of Judicature at Mumbai to which ABNL/First Party shall raise no objection to the enforcement of the award. 6. That TPCL/Second Party shall render all possible reasonable assistance and cooperation at the cost of ABNL on its part in making necessary application which may be filed before Hon'ble Supreme Court, if the need so arises, for appropriate direction to RBI for transfer of settled amount upon such compliance as laid down under law. 7. That upon crediting of the settled amount in the designated Bank account of Second Party/TPCL, all litigation and proceedings pending in the court of law including the Civil Appeal pending in Hon'ble Supreme Court and Execution Petition pending in the Hon'ble Bombay High Court shall be withdrawn by the respective parties and shall be deemed to have been withdrawn, if not withdrawn. 8. The Second Party/TPCL after the receipt of the settled amount shall not raise any claim whatsoever against the ABNL/First Party arising out of the said agreements. Similarly, First Party/ABNL shall not raise any claim whatsoever against the TPCL/Second Party arising out of the said agreements. 9. That the Parties shall be bound by the terms and conditions of the present MOS and shall observe the same in letter and spirit. In case of any violation of any of the terms and conditions of the MOS or the order of the Hon'ble Supreme Court by any party, the other party shall be free to take recourse as stated in paragraph 5 above. 10. That the present MOS is being signed by the authorized person of respective parties without any fear, threat, pressure, inducement and coercion. 11. The present MOS is being executed in three originals. One original shall be filed before the Hon'ble Supreme Court and one original each shall be retained by each of the parties. IN WITNESS WHEREOF, THIS MEMORANDUM OF SETTLEMENT IS HEREBY SIGNED AND EXECUTED. JUDGEMENT_112_LAWS(SC)11_2017.html
(3.) Learned counsel for the parties fairly stated that the settlement has nothing to do with conferment of any amount of jurisdiction in any Court. The settlement shall be treated as a part of the order of this Court.;