M/S Icici Bank Ltd v. Praveen Maheshwari

O R D E R %

26.10.2016

¶1Pursuant to the parties being referred to the Delhi High Court Mediation and Conciliation Centre, a Settlement Agreement dated

22.09.2016 has been placed on record, whereunder it has been recorded that the respondent has agreed to pay a sum of Rs.3.30 lacs to the appellant in full and final settlement of all its claims.

¶2Counsel for the appellant states that out of the settlement amount of Rs.3.30 lacs, a sum of Rs.1.10 lacs has already been received by the appellant/Bank and the second instalment of Rs.1.10 lacs is now payable by the respondent by 27.11.2016.

¶3Counsel for the respondent hands over a demand draft bearing No.007145 dated 25.10.2016 drawn on Axis Bank, Ashoka Niketan, New Delhi in the sum of Rs.1.10 lacs in favour of the appellant, to the counsel for the appellant, which has been duly accepted by him, thus leaving the final instalment of Rs.1.10 lacs, which the respondent has agreed to pay to the appellant on or before 27.11.2016.

¶4The Court has perused the Settlement Agreement. The terms and conditions of the settlement are set out in para 4 thereof. The same has been signed by the authorized representative of the appellant and the respondent and their respective counsel as also by the learned Mediator

¶5As the counsels for the appellant and the respondent jointly state that they have arrived at the aforesaid settlement of their own free will and volition and without any undue influence or coercion from any quarters, there appears no legal impediment in accepting the settlement. The Settlement Agreement is taken on record and the parties shall remain bound by the terms and conditions of the said settlement.

¶6The appeal is disposed of, along with the pending application, while leaving the parties to bear their own expenses.

¶8File be consigned to the record room.

HIMA KOHLI, J OCTOBER 26, 2016

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* IN THE HIGH COURT OF DELHI AT NEW DELHI + RFA 338/2015 & CM No.9054/2015 M/S ICICI BANK LTD ..... Appellant Through : Mr. Puneet Bhalla, Advocate versus PRAVEEN MAHESHWARI ..... Respondent Through : Mr. Sanjeev S. Chhabra, Advocate CORAM: HON'BLE MS. JUSTICE HIMA KOHLI