RAKESH KUMAR JAIN Vs. AEZ INFRATECH PVT LTD

JUDGEMENT

(1.) PURSUANT to the parties appearing before the learned Mediator appointed by the Delhi High Court Mediation & Conciliation Centre, a Settlement Agreement dated 11.9.2014 has been placed on record.

(2.) THE terms and conditions of the settlement are set out in para 8 of the Settlement Agreement, whereunder the defendants have agreed to pay a sum of Rs. 15,23,00,000/ -(Rupees Fifteen Crores Twenty Three Lacs only) to the plaintiff in full and final settlement of all the plaintiff's claim against the defendants as raised in the present suit and in CS(OS)No.2754/2012. It has been further agreed by the parties that the aforesaid amount shall be paid by the defendants to the plaintiff in eighteen equal instalments.

(3.) IT is submitted by the counsels for the parties that the first two instalments of '1.50 lacs and '3.50 lacs have already been paid by the defendants and for the balance amount, post dated cheques have been handed over to the plaintiff, which shall be honoured as and when presented. It has been agreed by the parties that upon the defendants paying the entire agreed amount to the plaintiff, the plaintiff shall not be left with any right, title or interest in a plot of land situated at Sector 11, G -Block, Pratap Vihar, Ghaziabad, UP and the defendants shall be at liberty to deal with the said immovable property as they may deem fit.