KAMLESH KOHLI Vs. ESCOTROE F AND I

JUDGEMENT

(1.) These 2 appeals by mother & son challenge the judgment and order dated 1st May, 1997 whereby their application for leave to defend the suit tiled under Order 37, Civil Procedure Code . has been dismissed and decree has been passed, against them for recovery of Rs. 85,62,500.00 with simple interest @> 1.5% P.A. from the date of the suit till payment.

(2.) The suit No. 2524/93 was tiled against Kamlesh Kamal and Company-Deft. No. 1 of which Kamesh Kolili Dell. No. 2 (Appellant in Appeal No. 1977/97) is a sole proprietor and Deft. No. 3 Rajiv Kohli son of Kamlesh Kohli. The suit was based on Memorandum of Agreement dated 19th November, 1992 entered between the plaintiffs and deft. No. 1 and deft. No. 2 Rajiv Kohli has signed the agreement authorised signatory of his mother.

(3.) In brief the case of the plaintiffs in the suit is that Kamlesh Kohli has been holding a membership ticket of Delhi Stock Exchange and has been carrying on business in the same of deft. No. 1. As on 10.9.92 a sum of Rs. 3.02 crores was due and payable by defts. to the plaintiffs. On 21.9.92 plaintiffs filed a Writ Petition (CW. 3324/92) against Delhi Stock Exchange, deft. No. 1 in the suit and Mr. J.N. Kohli husband of deft. No. 2. In the said W.P. interim restraint order had been granted on 23.9.92. During the pendency of the W.P. a settlement was arrived at in terms of Memorandum of Agreement dated 19.9.92. The said Memo. inter alia, postulated payment of Rs. 65 lakhs by deft. No. 1 to the plaintiffs within 7 days from the date the agreement is signed, Rs. 60 lakhs on or before 31.3.93 and Rs. 20 lakhs in., tour equal instalments on or before 30.6.93, 30.9.93,.) 31.12.93,31.3.94. The agreement was signed by Rajiv Kohli as authorised signatory of deft. No. 1. The Agreement was tiled in the W.P. along with an application lor settlement filed by the parties under order 23 rule 3 read with S. 151, Civil Procedure Code with the supporting affidavit of the constituted attorney of the plaintiffs and Rajiv Kohli, constituted attorney of deft. No. 1 in me Suit On the basis of the setllement, the WP was dismissed as withdrawn in terms of order dated 23.11.92 passed by D.B. of this court. Both the attornies were also present in the Court when the order dated 23.22.92 was passed.