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2017 (10) TMI 570 - Tri - Companies LawCompromise Petition - Held that:- Each party as Petitioner and Respondent out of their own free will have the authority and capacity to enter into the Compromise and execute the Settlement Deed and perform their respective obligations under the Settlement Deed and the same would be binding and enforceable against such person under all applicable laws; and that each of the Petitioners and Respondents has full power and authority to grant the releases to the other as contemplated in the Settlement Deed. The Petitioners and Respondents have wholeheartedly jointly and severally agreed, confirmed and affirmed the terms of this Compromise Petition. The Settlement Deed is herewith produced as Annexure A to this Compromise Petition under Memo to the Honourable Tribunal. The Board Resolution by circulation passed by the Respondent No. 1 is herewith produced as Annexure B to this Compromise Petition under Memo to the Honourable Tribunal. The Petitioners and Respondents agree that the Honourable Tribunal may on an application filed by either the Petitioners or Respondent or the Company institute an execution proceeding to enforce the consent order passed pursuant to this Compromise Petition. The parties in person informed the Tribunal that they are accepting the terms of the compromise and that they have signed in the compromise settlement noting the contents. The Compromise is recorded. The petition is disposed of in terms of compromise settlement and the terms of the compromise are part and parcel of the order. In the result the petition is disposed of in terms of compromise settlement dated 16th August, 2017
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