We are happy to note that during the pendency of this Appeal and with the active intervention of Learned Counsel for both the parties, the dispute, subject matter of the present Appeal, has been amicably settled between the parties.

As per the terms of settlement, on the Appellant Company refunding to the Complainants the total amount deposited by them with the Company from time to time, along with simple interest @ 11.5% p.a. on the said amount from the date of each deposit till 04.04.2018, together with the costs imposed by the lower Fora, quantified at ₹50,000/-, the entire claim of the Complainants against the Appellant Company shall stand satisfied. 

It is agreed that on production of a certificate from the Bank, indicating the amount due from the Complainants, the Office shall remit that amount to the Bank out of the amount already deposited by the Appellant in this Commission.  On receipt of the said amount, the Bank shall issue a “No Objection Certificate” to the Complainants.  After remittance of the requisite amount to the Bank in terms of the said certificate, the balance amount in the account of the Appellant shall be released by the Office to the Complainants, along with the accrued interest, if any.  The deficiency in the amount to be paid by the Appellant to the Complainants in terms of this order shall be made good by the Appellant Company, on Complainants furnishing to them the “No Dues Certificate” issued by the Bank.  The balance amount due shall be remitted to the Complainants by means of two demand drafts in equal proportion drawn in favour of the Complainants, on or before 04.04.2018.  On receipt of the said amount, the Complainants shall return the original documents, if any, executed between the parties.  We clarify that if the balance amount due in terms of this order is not remitted to the Complainants within the afore-stated time, it will be open to the Complainants to move application before this Commission for appropriate orders.

Needless to add that that the aforesaid settlement has been arrived at between the parties keeping in view the facts and circumstances of this case, particularly the fact that the Complainants had raised substantial loan from the Bank and this order shall not be treated as a precedent in other similar cases.  

The Appeal stands disposed of in the above terms.   

The statutory amount deposited by the Appellant Company at the time of filing the Appeal shall be refunded to them.