KARVY FINANCIAL SERVICES LIMITED Vs. REGALIAA REALTY LTD.

JUDGEMENT

(1.) This appeal has been filed by the defendant aggrieved over the order passed by the learned single Judge in Appln.No.5655 of 2019 in C.S.No.472 of 2019.

(2.) This case has got a chequered history. The appellant obtained an award against the respondents. The appellant was a lender and the respondents were the borrowers. On the non-payment of mandatory dues, the appellant invoked the arbitration proceedings. The arbitration proceedings ended in favour of the appellant. Thereafter, the respondents filed an application under Section 34 of the Arbitration and Conciliation Act, 1996 in O.A.No.1537 of 2015 before the High Court of Mumbai. Pending the aforesaid proceedings, a settlement was arrived at through the memorandum of understanding dated 08.02.2016 and it reads as under:- Now this Memorandum of Understanding witnesseth as under:

(3.) The Parties herein agree that after conveying of the Schedule-A Villas in favour of the First Party or its nominees thereby handing over peaceful possession thereof, the Parties hereto will jointly file this MOU before the Hon'ble High Court Bombay in the Appeal Proceedings with Mr.Balraj Vasudevan (Land Owner) as a Confirming Party to the MOU.