D.N.Patel,J. - (1.) These Company Petitions have been preferred by the petitioner for binding up of the respondents-Companies.
(2.) At the request of both parties, this matter was referred to the mediation. Both parties were heard. Mediation report has been received by this Court and an amicable settlement has already arrived at between the parties to these Company Petitions.
(3.) The terms and conditions of the amicable settlement are as under:- 1. The parties agreed to settle for Rs.714.19 Lakhs to be paid on or before 31.03.2017 in the manner specified in details herein below as full and final settlement as against the admitted outstanding dues amounting to Rs.9.28 crores (as on 31.03.2016) as claimed by the Petitioner Bank against the Respondents in C.P. No.13 of 2015 and C.P. No.14 of 2015. 2. That the Petitioner Bank along with the above captioned matters has also instituted O.A. No.348/2015 & O.A. No.534/2015 which is pending adjudication before the Hon'ble Debts Recovery Tribunal, Ranchi for the admitted outstanding due of Rs.9.28 crores (as on 31.03.2016) against the Respondents. 3. That the Petitioner Bank has agreed vide its Sanction Letter dated 17.6.2016 to accept the proposal of Rs.714.19 Lakhs (Rupees Seven Crores Fourteen Lakhs and Nineteen Thousand only) towards full and final settlement of dues against the Respondent Companies which has to be paid by the Respondents to the Petitioner as under: (i) Rs.200 lacs on or before 30.06.2016 (from sale of property described below); (ii) Rs.14.19 lacs on or before 31.07.2016; (iii) Rs.60 lacs on or before 31.08.2016; (iv) Rs.250 lacs on or before 30.09.2016 (final payment - from sale of property described below) (v) Rs.75 lacs on or before 30.11.2016 (vi) Rs.85 lacs on or before 28.02.2017 (vii) Rs.30 lacs on or before 31.03.2017 4. Upon receipt of Rs.450 lacs on or before 30.09.2016, the Petitioner Bank shall release the mortgaged property situated at Industrial Plot No. M-31(P) & M-32(P), 4th Phase, Industrial Area, Adityapur, Jamshedpur, standing in the name of M/s. Indico Automotive Private Limited and hand over the original title deeds held with the Bank. ;