Statutory audit to determine dues and refunds, with payment or repayment governed by the audited balance.

Where parties agree to abide by a statutory audit of the Corporation's accounts, the dispute over dues may be resolved by the audit outcome. The High Court recorded the consent of the parties, directed that the accounts be subject to statutory audit, and required the audit details to be supplied if already completed or, if not, for the audit to be conducted after notice to the petitioners. Any balance found payable was to be paid, and any excess was to be refunded, with interest at prevailing rates. The writ petition was disposed of on that basis, leaving financial adjustment to the audited result.

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Issues: Whether the parties' rights and liabilities in relation to the Corporation's dues should be resolved by statutory audit of the accounts, with any amount found payable to be paid and any excess amount to be refunded.

Analysis: The dispute had returned on remand only for determination of the amount due, but the parties ultimately agreed that the matter should abide by the result of the statutory audit of the Corporation's accounts. The Court recorded that the accounts were subject to statutory audit and directed that, if the audit had already been completed, the relevant details be supplied to the petitioners, and if not, the audit be carried out after notice to them. The Court further provided that any amount found due from either side would be paid or refunded, with interest at prevailing rates.

Conclusion: The issue was answered by directing resolution of the dispute through statutory audit, with payment or refund of any resulting balance.

Final Conclusion: The writ petition was disposed of on the basis of the parties' consent, leaving the financial adjustment to be governed by the statutory audit outcome.

Ratio Decidendi: Where parties agree to abide by a statutory audit of accounts, the Court may dispose of the proceeding by directing that the audited balance, if any, shall govern payment or refund obligations.

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