2022 (11) TMI 1040 - HC - Indian Laws
Dishonor of Cheque - insufficient funds - legally enforceable debt or not - compromise entered into between parties - section 138 of NI Act - HELD THAT:- In the backdrop of aforesaid litigation, now compromise has been effected between the parties. Both the parties have agreed about payment of Rs.1 crore each in aforesaid suit bearing Nos.60, 61, 62, 63, 64, 65, 66 and 67 of 2017, along with proportionate interest amount, so as to make the total of the entire decretal amount, equal to the extent of amount of Rs.8.35 crore, lying deposited, alongwith up-to-date interest, which accrued on the basis of the amount deposited in the form of FDRs. The party of second part i.e. Atma Tubes Products Limited has no objection and has unconditionally agreed for the release/payment of said amount i.e. Rs.8.35 crore, alongwith up-to-date interest, which has accrued thereon, qua the FDRs, aforesaid, towards full and final settlement of all the claims, by way of decretal of the suits, either individually or in the consolidated form.
In pursuance of the aforesaid compromise, so reached, between the parties, now a request is made to the Courts concerned, either to decide the civil summary suits bearing Nos.60, 61, 62, 63, 64, 65, 66 and 67 of 2017, individually or in a consolidated manner, as it deems appropriate, whereby, the decretal amount, in total, should be to the extent of Rs.8.35 crore, together with the up-to-date interest, on the amount of FDRs. In pursuance of release of aforesaid amount, the concerned Courts shall also dispose of all the appeals filed to challenge the judgments of conviction passed in complaints under Section 138 of the NI Act and pass appropriate orders, thereupon.
The present revision petitions stand disposed of, being compromised.