MALA ROY Vs. JAI BALAJI INDUSTRIES LIMITED

JUDGEMENT

(1.) The present application under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as, "the 1996 Act") arises out of the disputes between the parties in connection with an Agreement for Settlement dated May 12, 2013. The petitioners/creditors, pursuant to purchase orders of iron-ore and fines placed by the respondent/debtor, had sold such materials to the respondent. Subsequently, an amount became due by way of sale price. The parties decided to resolve the issues by adjustment of the debts and agreed to a repayment schedule by the Agreement-in- question for realization of dues of the petitioner to the tune of Rs.1,90,36,023.00.

(2.) Clause 9 of the Agreement contains the repayment schedule which has five (05) components.

(3.) In sub-clause (a), the debtor/respondent was to pay an amount of Rs.25,00,000.00 at the time of signing of the agreement.