TMI Blog2015 (10) TMI 2665X X X X Extracts X X X X X X X X Extracts X X X X ..... r: M.Anil K. Kher, Senior Counsel for Mr.C.Seethapathy For Respondent: Mr.Sundar Narayan for Mr.S.Venkatraman ORDER A Memorandum of Settlement dated 12.10.2015 has been entered into between the parties and duly signed by their respective learned counsel. The terms of Memorandum of Settlement dated 12.10.2015 are reproduced hereunder:- MEMORANDUM OF SETTLEMENT The petitioners and the respondent jointly have settled their disputes amicably on the following terms and conditions. 1. The aforesaid petition had been filed by the petitioners under Section 433(e) (1) read with Sections 434 and 439 (1) of the Companies Act, 1956. The said petition was taken up for hearing before this Hon'ble Court on 10.08.2015 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an amount which the respondent acknowledges and confirms to be due and payable to the petitioner towards arrears of rent and interest on delayed payment. The said amount is ₹ 4,50,00,000/- (Rupees Four crores fifty Lacs) as on the date of vacating of suit premises by the respondent. c) The respondent hereby acknowledges the said amount and undertakes to pay the said amount as per schedule of payment given hereunder:- October, 2015 Rs.35,00,000/-(Rupees thirty five lacs) November,2015 Rs.50,00,000/-(Rupees fifty lacs) December, 2015 Rs.80,00,000/-(Rupees eighty lacs) January, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n'ble High Court of Delhi on 17th September, 2014 shall continue to operate and the respondent shall not sell or dispose off the said machines and equipments, the list of which was prepared by the Local Commissioner appointed by Hon'ble High Court of Delhi in terms of the order dated 17.09.2014. The respondent however, has been permitted to remove the machinery to the new address but subject to the aforesaid condition. The petitioner undertakes to get the attachment vacated and the suit filed before the Delhi High Court withdrawn once the respondent makes the payment to the petitioner as per the schedule agreed above. 6. That the respondent, in furtherance to the schedule of payment given herein above, have issued the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r-16 12 192392 S.K.Jain 42,50,000 30,Apr-15 Total 4,50,00,000 All cheques drawn on Axis Bank, Mylapore, Chennai and payable at par 7. That the respondent gives a solemn undertaking to this Hon'ble Court that the post dated cheques being given herein, shall be honoured on its due dates. In case of two successive defaults, the petitioner shall be entitled to seek revival of the present petition and the order dated 10.08.2015. Subject to the aforesaid, the petitioner shall request this Hon'ble Court to permit the withdrawal of the comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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