TMI Blog2022 (11) TMI 1040X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion/deed of compromise that they would make the payment of each credit bill/invoice within a period of 30 days, to the party of the first part. However, till 24.03.2005, an amount of Rs.8,05,73,904.29 became due. In order to discharge the legally enforceable liability of the aforesaid debt, the party of second part (Atma Tubes Products Limited through its Managing Director Deepak Singh), issued 8 cheques of Rs.1 crore each, bearing No.968451 to 968458, all dated 24.03.2005. However, the aforesaid cheques were dishonoured, with the remarks Funds Insufficient . Upon dishonouring of the cheques, demand notices were issued. In consequence thereto, deed of compromise of Hero Cycles Limited and Atma Tubes Products Limited through its Managing D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mise dated 05.10.2005 of Rs.1,27,00,000/- in each of the suits and 'leave to defend' was granted to Atma Tubes Products Limited, subject to the furnishing security to the tune of 90% of the amount, claimed in all the suits, with additional amount of Rs.25 lakh, towards costs and expenses of all the suits. Deepak Singh got 'leave to defend' unconditionally by this Court in CR No.3803, 3804, 3805 and 3806 of 2013, decided on 09.07.2015. However, there was non-compliance of the aforesaid order and consequently, defence was struck off by learned Civil Court. In the aforesaid recovery suits, Deepak Singh had also challenged the execution, validity and admissibility of the deed of compromise dated 05.10.2005, which was disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Now, further agreement has been reached between the parties about the withdrawal/compounding of complaints under Section 138 of the NI Act, in pursuance of the arrival of the compromise between the parties, only after release of payment of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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