RAMAL ADVANI, PROPRIETOR Vs. VANDANA SURESH PUNWANI

JUDGEMENT

(1.) The parties were originally partners. Disputes arose and the disputes were referred to arbitration. Before the learned Arbitrator consent terms dated 6th August, 2007 were entered into under which respondent was to pay a sum of Rs.3,33,00,000/- in full and final settlement of claimant's claim. Post dated cheques were also given for the said amount. Consequently, further consent award dated 9th August, 2007 was passed.

(2.) Thereafter, insolvency proceedings were commenced by claimant in this Court and in the insolvency proceedings, consent terms dated 7 th August, 2008 was entered into between the parties. It will be useful to reproduce paragraphs 1, 2, 3, 4, 5, 6 and 11 of the said consent terms and the same read as under :

(3.) As recorded in said consent terms, a sum of Rs.11,00,000/- has already been paid. Mr. Pai confirmed that the pay order for Rs.1,39,00,000/- was honoured. As regards balance Rs.1,45,00,000/-, it is the case of respondent that after retaining a sum of Rs.30,00,000/- as a security towards claim of advocate V. M. Talreja, the balance amount has been paid. Mr.Pai states the entire amount of Rs.2,95,00,000/- has not been paid.