SOUMEN SEN,J. - (1.) The learned on behalf of the award-holder has produced before this Court a communication dated 5th February, 2018 wherefrom it appears that the award-holder has accepted the proposal of the award-debtor that they would pay the balance amount in six instalments commencing from 25th January, 2018 and ending on 25th June, 2018 and the balance decretal amount that shall remain unpaid shall be cleared by 30th July, 2018. The schedule of payment forwarded by the award-debtor to the award- holder is mentioned in the letter dated 5th February, 2018. The letter dated 5th February, 2018 is kept with the records. The relevant portion of the communication dated 5th February, 2018 is reproduced below: "In view of your mail dt-15th January, 2018 and subsequent mail dated 5th February, 2018, upon subsequent discussion, we have received a proposal for settlement of the subject account to the tune of Rs. 1,18,61,166 (One Crore Eighteen Lakhs Sixty One Thousand One Hundred and Sixty Six) Only out of which Rs. 10,00,000/- paid as per the Court orders and the balance would be paid in the following manner as stated by you which start on and from 25th of each month which is falling on 25.01.2018 to 25.06.2018 (ie. in 6 installments) of Rs. 2,50,000/- (Two Lakhs Fifty Thousand) Only each, and the balance of the settlement amount of Rs. 93,61,166/- (Ninety Three Lakhs Sixty One Thousand One Hundred and Sixty Six) Only to be paid immediately thereafter i.e. by 30th July, 2018. It may be noted that we have received the payment of Rs.
(2.) ,50,000/- towards the first installment by way of NEFT Transaction on 3rd February, 2018, and the balance installments to be paid by you in the following manner- 25/02/2018 Rs. 2,50,000/- 25/03/2018 Rs. 2,50,000/- 25/04/2018 Rs. 2,50,000/- 25/05/2018 Rs. 2,50,000/- 25/06/2018 Rs. 2,50,000/- 30/07/2018 Rs. 93,61,166/-
(3.) The aforesaid offer for settlement is accepted by us and we shall take steps to keep all the legal proceedings in abeyance, including the Execution proceeding pending before the Hon'ble High Court, Calcutta and the under Sec 138 proceeding pending before the Ld. Banksall Court, Calcutta. 3 Further, as requested by you, we shall pray before the Hon'ble High Court Calcutta for vacating the injunction Order which has been obtained on the Bank account in the pending Execution proceeding on the assurance, promise and undertaking by you to comply with the mode of payment stated herein above. Kingly note that timely payment in the manner herein mentioned above is the essence of this settlement.";