HOUSTON TECHNOLOGIES LTD Vs. LINKQUEST TELECOM P LTD

JUDGEMENT

(1.) THIS appeal arises out of a judgment and decree passed by learned single judge of this Court decreeing a suit filed by the plaintiff/respondent for a sum of Rs.37,62,000/- with interest @ 18% per annum pendente lite and future. During the pendency of the appeal, the parties appear have arrived at an amicable settlement under which the plaintiff/respondent has agreed to settle the entire suit claim together with costs, interest pendente lite and future for a sum of Rs.27,75,000/- only. The parties have, pursuant to the said settlement, filed a joint application under Order XXXIII Rule 3 CPC read with Section 151 and with a prayer that the settlement be recorded and the appeal disposed of with the direction that the bank guarantee furnished by the respondents would stand discharged. Learned counsel for the parties submit that pursuant to the interim order passed by this Court in the present appeal, the appellant had deposited a sum of Rs.22,00,000/- in this Court which amount was released in favour of the respondent in terms of an order dated 17th March, 2004 upon the respondent furnishing a bank to the extent of the amount in question. They further submit that the respondents have pursuant to the said order received the amount of Rs.22,00,000/- from this Court and furnished a bank guarantee. Insofar as the balance amount of Rs.5,75,000/- agreed to be paid by the appellant is concerned, learned counsel for the appellant has today handed over a bank draft to the counsel for the respondent bearing No. 757056 dated 29th May, 2007 drawn on State Bank of Patiala, a copy whereof is enclosed with the compromise application as Annexure 'A'. The entire amount of Rs.27,75,000/- thus stands paid to the respondent/decree holder in full and final settlement of the said claim including interest and costs. Learned counsel for the parties submit that in the light of the settlement and the subsequent developments mentioned above, this appeal could be partially allowed; the impugned decree modified and the matter disposed of as settled fully and finally. We see no reason to decline that prayer. Since the settlement arrived at between the parties fully settles the suit claim, nothing really survives for consideration of this Court. In the result, we allow this appeal but only in part and to the following extent: