I am happy to note that during the pendency of these two cross Appeals, the contesting parties, with the active intervention of their respective lawyers, have arrived at an out-of-Court amicable settlement, on the following terms: “Settlement Agreement Parties in the present two appeals, have on their own accord, amicably settled their disputes. The terms of the settlement as agreed to between the parties are: M/s Orchid Infrastructures shall pay a sum of Rs 1,40,00,000/- (Rupees One Crore and Forty Lakhs only) to M/s Rekson Properties, towards full and final settlement of all the claims of M/s Rekson Properties. M/s Orchid Infrastructures shall pay the settlement amount by way of post-dated cheques in the following manner: Rs.35,00,000/- on 14.08.2017 Rs.35,00,000/- on 01.09.2017 Rs.35,00,000/- on 01.10.2017 Rs.35,00,000/- on 01.11.2017 M/s Rekson Properties and Mrs. and Mr. Rekhi shall have no claim, title, lien or interest in the two commercial units being unit no.419 and unit no. 420, admeasuring 1029 sq. ft. each in Orchid Centre, Gurugram. M/s Rekson Properties shall handover all original documents, including the space buyer’s agreement and all other communications with regard to the units, to M/s Orchid Infrastructures.
Both the parties shall withdraw their individual appeals being FA/74/2013 and FA/673/2012.” In partial modification to the afore-noted terms of settlement, it is agreed between the parties that all the original documents in the possession of the Complainants shall be delivered to M/s Orchid Infrastructure Pvt. Ltd., on receipt of the fourth last instalment. The first instalment, totalling ₹35,00,000/-, has been paid to the Complainants by means of cheques no. 000339 and 000340, both dated 14.08.2017. Learned Counsel appearing for M/s Orchid Infrastructure Pvt. Ltd. states that all the post-dated cheques shall be honoured on presentation for payment. In view of the said settlement, both the Appeals are dismissed as not pressed, with no order as to costs. It is made clear that if anyone of the parties fails to comply with the terms of the afore-noted settlement, it will be open to the other party to have the present Appeals revived. It will be open to the parties to withdraw the amounts deposited by them at the time of filing the Appeals or pursuant to any interim order passed in these Appeals.
|
