- (1.) THE matter was deferred to see that whether any settlement can be arrived at between the parties. With the efforts of parties, a settlement is arrived at between them and in view of the above, it is prayed that matter may be disposed off.
(2.) THE terms of settlement has not been reduced in writing but informed to this Court and as per the information given to this Court, following order is passed in view of the consent of the parties: (i) as per one time of settlement made on 28th may of 2007, the amount due shown against the petitioner was of Rs. 73. 61 lacs out of which, some amount has been paid by the petitioner during the intervening period, respondents would accordingly, calculated the remaining amount after deducting the amount already paid after May 2007 and thereafter, calculated simple interest (nor the penal interest) on the above update excluding the period when factory remain in possession of the respondents, i. e. , from 10th January of 2008 till 02. 01. 2009. The amount so arrived at would then agreed to be paid by the petitioner. (ii) The petitioner will pay a sum of Rs. 2 lacs per month till the entire amount due is cleared. The amount calculated as per the direction No. 1 will carry simple interest for the intervening period of insatallment, which would be then on diminishing value. (iii) In case of default in payment of installments as agreed upon between the parties, the respondents would be at liberty to make an application before this court to seek an appropriate direction. At this stage, learned counsel for the petitioner has prayed for weavor of the interest of the period for installments are to be paid.
(3.) IT is left open with the respondents to consider the aspect sympathetically and if any decision favourable to the petitioner is taken then the direction at item No. 2 will stand modify accordingly.;