BEE GEE ENTERPRISES Vs. PUSHPINDER SINGH

JUDGEMENT

(1.) Present contempt petitions have been filed alleging wilful disobedience of the order dated 16th Dec., 2015 passed in five OMPs filed by the petitioners challenging the arbitration award dated 18th Dec., 2013 whereby the said petitions were disposed of in accordance with the Settlement Agreement dated 30th Nov., 2015.

(2.) Learned counsel for the petitioners states that under the Settlement Agreement dated 30th Nov., 2015, petitioners could repay Rs.8,25,00,000.00 to the respondent without interest till 31st March, 2016 and thereafter with interest @ 6% per annum till 30th Sept., 2016. According to the learned counsel for the petitioners, only if the petitioners had failed to pay the settlement amount by 30th Sept., 2016, the respondent could have sold the mortgaged property of the petitioners in accordance with the provisions of SARFAESI Act, 2002 or filed execution proceeding.

(3.) Learned counsel for the petitioners further states that despite the aforesaid Settlement Agreement, respondent filed Execution Petition Nos. 237, 238 and 239 of 2016 on 16th May, 2016 before the Court of Additional District & Sessions Judge, Panchkula, Haryana and Execution Petition Nos. 884 and 888 of 2016 before the Court of Additional District & Sessions Judge, Mohali, Punjab, for execution of arbitral award dated 18th Dec., 201