VIJAI INFRASTRUCTURE LIMITED Vs. PROGRESSIVE CONSTRUCTIONS LIMITED

JUDGEMENT

(1.) COUNSELS for the parties jointly state that they were directed to appear before the Delhi High Court Mediation and Conciliation Centre for negotiating a settlement and pursuant thereto, they have arrived at a settlement as recorded in the Settlement Agreement dated 10.03.2015. The terms and conditions of the settlement are set out in para 6 of the Agreement, whereunder both the parties have agreed that the defendant will pay a sum of Rs. 4 crores to the plaintiff in three installments, the final installment being payable on or before 15.05.2015.

(2.) COUNSEL for the defendant states that the first instalment of '1 crore has already been paid to the plaintiff, which fact is confirmed by the other side. The balance amount has been agreed to be paid in two installments, the second installment of Rs. 1 crore being due and payable on or before 31.03.2015 and the third and final installment of '2 crores being due and payable on or before 15.05.2015. The consequences of non payment of the balance installments have also been set out in the Settlement Agreement. Counsels for the parties state that the suit may be decreed in terms of the Settlement Agreement.

(3.) THE Court has perused the Settlement Agreement. The same has been signed by the authorised signatories of the plaintiff and the defendant and their respective counsels as also the learned Mediator. Enclosed with the Settlement Agreement are authorisations executed by the plaintiff/company and the defendant/company in favour of their authorised signatories.